April 22, 2012

Dear Leader's latest election-year lie: mortage fraud non-settlement

Turns out, as I predicted when the latest mortgage fraud "settlement" was announced a month or two ago, that the "fraud" was as much in the alleged "settlement" as anything. Via Truthout, Naked Capitalism has the details, including lack of staffing and total lack of people with inside-the-Beltway titles being involved. When you get the telephone runaround, you know that you don't matter.

And, yes, also per the story, New York's AG deserves opprobrium for lending his name, and desire for 15 minutes of fame, to this bullshit in the first place. But not just Eric Schneiderman. California's AG, Kamela Harris, already touted as a rising Democratic star, decided part of her star being burnished was to look tough, then sign off on the same apparently toothless bottom line.

Trust me, you're going to see more, and more blatant stuff like this up to November. And, when it's pointed out, either enthusiastic or sadly resigned Obamiacs will challenge this, and challenge the idea of voting Green.

As for the reality of what will be done? Very little. When you still have such a robosigning mess that Bank of America sues itself, as does Wells Fargo, the banksters will first work on straightening the paper trail, then second address real foreclosures that make themselves more available. Third, between the first two things, they'll offer moderately more sweetened crumbs than before for refinancing, and pay money to state government coffers which the likes of Schneiderman and Harris will use to further buff their reputations.

A "shifting" of positions on Keystone XL is coming next, in all likelihood. Possible modification of some EPA rules might come after that. 

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