by Rebekah Sharp
The FHFA (Federal Housing Financial Authority) has instituted seventeen separate law suits in the state of New York on behalf of Fraudie Mac and Phoney Mae (that’s us, as both of these institutions are in receivership) against the seventeen major banks (trusts/securities) for the massive fraud that perpetrated the biggest ponzi scheme in the history of our nation that has flat lined our economy. Since the filing of these suits, the fifty attorney general investigations and settlements (ooops I mean forty-nine now, they ousted Sniederman from New York because he was too tough on the banks) has been halted with the major banks walking out of the settlement meetings. That has me very busy and quite frustrated on two counts. First, didn’t like the settlement terms as it would let the banks off the hook for their criminal and civil liability, leaving homeowners without legal recourse to pursue a remedy and a collective settlement amount of only twenty billion to be divided up among the fifty states leaving a mere four hundred million for each state in the hands of, in our case Pam Bondi. Once the fees and cost for this investigation, which has already taken over one year, are paid back, that doesn’t leave much for the folks and there is no specifics in the plan of how much or who will be the recipient of what is left. So maybe it’s a good thing the banks walked out of the settlement meetings. But is it? No, it is not because there have been no penalties imposed for their walking out and that clearly tells us all just exactly who is in charge, the banks and not the attorney generals. Pam Bondi either doesn’t have a clear understanding of the problem or she too is in bed with the banks as throughout this year-long investigation she has lead the disruption (along with four of her contemporaries) of the settlement stating boldly and loudly that the deadbeat homeowners should not be rewarded for their irresponsibility by not paying their mortgages. Part of the original deal was the majority of the attorney generals wanted to make the banks reduce the principal amount of the loans to current market value and reduce the interest rate to a fixed four percent on homesteaded property. Ms. Bondi was against that too and fired the two assistant attorneys’ general, June Clarkston and Teresa Edwards, because they were too aggressive when pursuing the banks and the companies aiding the fraud. This has lead to an investigation into their wrongful termination. More of your tax dollars at work.
You may remember HB1191 the Fair Foreclosure Bill that it was subsequently killed in the 2011 Florida legislative session. That’s the bill that would make the State of Florida a non-judical state leading to the abolition of our homestead exemption and leave homeowners without legal recourse to pursue the massive fraud and the threat of eviction in twenty-four hours, rather than the current seventy-two hour requirement. Passidomo (R), of Tampa, has reintroduced The Fair Foreclosure Act of 2012 to be taken up in January’s session. This is the third year she has presented this bill. We must stop it once again, however this time will be the most difficult as the bank lobbyists have been very busy bees stuffing our representative’s coffers with career bonuses and promises of more for their 2012 re-election campaigns . This is a non-partisan problem…surely you see if this bill passes it will strip Floridians of so many of their liberties. The elderly are already having a very difficult time making their property tax payments, as with the rest of the state with their unemployment rate is so high.
We, at RLCNEF are committed “restore” the peoples liberties, and take our country back. Conservatives stand for the rule of law, and as such we hold the position that no citizen shall be deprived of property except by that same rule of law. Accordingly, we also hold that sufficient laws already exist in the state of Florida. We must stay on careful watch and not allow any more of our liberties to be taken and I sincerely feel that is role is to combat the Unfair Foreclosure Act of 2012. I am working day and night on this ONE project. Please help me.
The seventeen lawsuits filed in New York on behalf of the people, is yet another smoke and mirrors game to allow the folks to think that finally something serious is being done to make the banks pay back the money they stole from this country. Surely it will end in yet another settlement with most of the language written in such legalese as to exonerate the banks of all their civil and criminal liabilities at a huge cost to taxpayers. Let’s consider the expense to file, maintain and bring to a conclusion seventeen lawsuits in New York. The J.P. Morgan complaint filed is two hundred, seventy-seven pages long. I know because I read it. Imagine how much that document alone cost us to prepare and file. It’s nice to see so many attorneys employed in this country while the remainders of the folks eke out a living day by day. Let’s not forget that Fraudie Mac and Phoney Mae engaged in the exact same illegal and fraudulent behavior as the folks they are suing (and continue to engage in as I write this) and that will certainly be raised during the course of these suits. There is already talk of banks filing suit against them. So it goes that Wall Street has begun the in-fighting between themselves, all pointing the finger at each other.
Now the trillion dollar question is: How is any of this helping the economy, the homeowners or the rest of the American people? This is just another attempt to divert the public from the simple and plain solution put all the bankers in handcuffs. All these suits filed to avoid the obvious conclusion that what they have done is immoral, illegal both criminally and civilly and arresting each and every one and freezing their assets, both on shore and off shore, would solve the problem. Then, require the principal reduction to all homestead property to five percent below the Net Market Value (NMV), leaving a five percent equity position in the home. This very simple solution would get the economy back on track as homeowners can make their payments, plus fix up the homes they are allowing to deteriorate due to fear of foreclosure. Lowes, Home Depot, all kinds of businesses would improve and so would the real estate sector. Home values would go up, or at least stop going down and would serve to get this country back on track again.
I am committed wholeheartedly to this cause and will stand with the millions of others who have been and continue to be affected by this tragedy. If you agree please sign the petition to kill this bill: http://signon.org/sign/do-not-support-the-florida?source=s.tw&r_by=26214
Rebekah Sharp is a member of the Executive Board of the Republican Liberty Caucus of Northeast Florida.