Occupy Wall Street Marches against Foreclosures

Posted By Levi

November 4th, 2011 8:16pm

Category: Economy

One of the most disastrous effects of the financial collapse in 2008 is the millions of American families that have lost their homes thorough foreclosures. Many of these foreclosures were carried out illegally by many of the big banks using fraudulent documents.

For some time now the Obama administration, along with several states, have been trying to cut a deal in which the banks would pay a fine for the fraud committed while receiving immunity from further prosecution. In reality, the banks
would pay a relatively small fine. The deal has not been sealed because New York State Attorney General, Eric T. Schneiderman, a Democrat, and top prosecutors from a few other states, have vigorously opposed the White House on this deal. Mr.  Schneiderman believes that these banks should also be subjected to prosecution.

One of the tactics used by the banks to throw people out of their homes is called robo-signing. According to Yves Smith, a former Wall Street banker:

“Robo-signing narrowly speaking, refers to the use of low paid staffers to execute documents used in court filings by the hundreds per day. This created a huge scandal when it broke because it was a flagrant violation of court procedures. Affidavits, for instance, are used in place of testimony and are required to be based on personal knowledge. A $12 an hour functionary churning out signatures clearly has not even read the paperwork, much the less has any knowledge of the various foreclosures he is pushing through the pipeline.”

Tomorrow, protestors in Manhattan plan to march against the deal being pushed by President Obama. This is from the press release:

“President Obama is on the brink of cutting a backroom deal that would give bankers broad immunity for illegally throwing tens of thousands of Americans out of their homes. The Administration is pressuring state attorneys general to
abandon an ongoing investigation into the massive “robo-signing” fraud, in exchange for a relatively small payoff by the banks.

Numerous investigations by state and federal authorities have demonstrated that banks used illegal procedures to make tens of thousands of foreclosures over the past decade. Rushing to a settlement before the full extent of the fraud is known would be a grave injustice to those who were illegally foreclosed upon and those still struggling to stay in their homes.

“This is a clear, moral issue that cuts to the core of why we occupy,” said Max Berger, an Occupy Wall Street participant helping to plan the event. “Instead of throwing corrupt bankers in jail, the administration is pushing to
give them a get-out-of jail-free card.”

This is what makes people angry. They are not angry at rich people; Americans have never been envious of other people’s wealth. That is why they celebrated people like Steve Jobs and Wall St protestors had a moment of silence
when Jobs died. They are angry because they believe that the system is rigged against the 99%. They believe that when the rich and powerful commit crimes the system does not hold them accountable. This is what Glen Greenwald means when he tiled his recent book, “With Liberty and Justice for Some: How the Law is used to destroy equality and protect the Powerful.

It just amazing that despite the anger at Wall Street and the big banks, the president still stands with them.

Leave a Reply