How The Obama Administration Is Helping Big Bank Felons

Apparently since most of our big banks, who are the only game in town when it comes to mortgages, are “guilty” of huge fines for questionable behaviors, the HUD is willing to look the other way to facillitate more mortgages, if only to keep the low end mortgage business alive. Where are the irony police, the sardonic police and the cynically jaded police after this unbelievable news. The HUD cannot have it both ways; if you want mortgages, you must ask your adjoining agencies to do their job and make it possible to have a variety of mortgage lenders who are above reproach, instead of taking the easy way out and just accepting business as usual. If our congress would have done the easy, most logical thing at the very beginning of the Great Recession, reinstate Glass-Steagal, the big banks might not have had the opportunity to manipulate the Libor rates, the other types of interest rates and defraud millions out of their homes. However since we have nothing but Dodd-Frank, it has been five years since it was signed into law, and still we are waiting for many regulations to be written, we are forced to witness a law made weaker and weaker and many of its original mandates get turned around, effectively being rendered meaningless. It still doesn’t absolve the HUD agency or the White House of their role in the sleight of hand, trying to slide this exception by under the public’s nose, thereby allowing the banking community’s bad behavior to continue unchecked. This is a bad day for the White House and our President should be made to feel some embarrassment. Moreover after his initial twinge of embarrassment, President Obama should then go on the warpath and make this right.
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