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Why Is Obama's Treasury Dept. Perversely Siding With Big Banks Against Elizabeth Warren and the State AGs?

Posted on Monday, April 4th, 2011 at 4:18 pm by Les Leopold

American families are fortunate to have Elizabeth Warren on their side, along with the 50 state attorney generals who are demanding reparations from the nation’s largest banks.

Warren, who is the temporary head of the Consumer Financial Protection Bureau (a quasi independent agency housed in the not-so-friendly Treasury Department) and these AGs are demanding justice. It’s about time.

They want the big banks to pay dearly for the fraud they’ve perpetrated on potential homeowners in the form of robo-signings, lost titles, forged documents, phantom fees, willfully mismanaged loan modifications and a slew of other ruses even Kafka couldn’t imagine. Most of these homeowners are underwater – their homes worth less than their mortgages – and many are unable to meet their payments. All have seen the value of their homes plummet.

Continue reading this article on Alternet.

looting Les Leopold is the author of The Looting of America.

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