From The Huffington Post (although not originally there) in reference to the mortgage servicing mess with Foreclosuregate and similar nonsense:
While federal and state investigators are still examining exactly what has gone wrong and why, two things are clear.
First, several financial services companies have already admitted that they used "robo-signers," false declarations, and other workarounds to cut corners, creating a legal nightmare that will waste time and money that could have been better spent to help this economy recover. Mortgage lenders will spend millions of dollars retracing their steps, often with the same result that families who cannot pay will lose their homes.
There it is again. Felonies are "cut corners." Perjury is a felony. Forgery is a felony.
I'm sure Ms. Warren would consider******simply a "cut corner" to dating, kissing, and the other formalities (and enjoyment) that usually precede consensual sex, right? Or that bank robbery is a "cut corner" to ordinary expression of work that results in the person doing it receiving money.
Oh wait... you mean Ms. Warren wouldn't see it that way? Well golly gee, how come that's not true when a bank commits an apparent felony?
Second, this mess might well have been avoided if the Consumer Financial Protection Bureau had been in place just a few years ago.
You know, forgery is already illegal and has been for.... well, since before The United States existed. Perjury as a crime pre-dates The United States as well, although in the case of the states themselves the law might not have existed prior to their constitutions. Nonetheless the fact remains that these violations of law are hardly novel and the laws necessary to put a stop to it aren't either.
For the first time, banks and non-bank lenders (such as payday lenders, check cashers and mortgage brokers) will be subject to the same federal oversight to ensure that they are all playing by the same rules-no more turning sideways and slipping through the regulatory cracks.
You mean like The Uniform Commercial Code and State Property Law, both of which radically pre-date this mess - the former being born in 1952 and the latter dating to colonial times?
Once it is fully operational, the new consumer agency will have supervisory authority over all large mortgage servicers. It will be able to examine them on a regular basis to make sure they follow the rules. If those servicers decide it is cheaper or faster to circumvent federal law, the consumer agency will have the tools to hold them accountable.
No one will be allowed to break the rules without triggering a strong and prompt federal response.
I'm supposed to believe this.... because...... exactly why, Elizabeth?
Let me refresh reader's memories.
This last year alone we have documentary evidence that large banks were involved in intentionally altering trace information on wired funds so as to conceal that it was coming to or from Iran - and arguably was then used to fund terrorism, including attacks on our troops.
We also have evidence that large banks have engaged in massive money laundering for Mexican drug smugglers.
Of course there's the predicate of Ms. Warren's article itself, the "robosigning." We have admissions of roughly 150,000 such incidents, each and every one of which is an apparent count of perjury. Never mind the story I ran yesterday on a dead notary that appeared on thousands of affidavits from a debt-recovery company. The real screw-job? The company in question was formed after the decedent passed - making it impossible for her to have ever worked for the firm in question (never mind the obvious secondary issue - notary certifications expire - who renewed hers?)
If that's not enough there are somewhere north of a dozen Tickers relating to the various frauds related to state and local government funding activities, including but not limited to Jefferson County Alabama, rigging of bids in GIC contracts and more.
Some of these are allegations, and as with all allegations the accused is entitled to the right of presumption of innocence. But some are admitted to and yet there has not been one criminal indictment aimed at these institutions and their top executives.
We don't need new laws Ms. Warren.
We need existing laws, in many cases laws dating back to before our Republic was formed, to be enforced. That enforcement must include indictments for past, not just prospective, conduct and include the major financial institutions in this country.
I will remain unimpressed until I see exactly that, and you can expect me, and others like me, to be nothing other than ferocious in our criticism of you and the alleged "consumer protection" function you claim to be spearheading until and unless those prosecutions happen.
Where We Are, Where We're Heading (2013) - The annual 2013 Ticker
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