Tip:
Highlight text to annotate it
X
firsts
uh... the phone
than it is always a pleasure to welcome back to this program
one of the hardest hardest-working
reporters out there you can check out his uh... his work every day
if you are eight fast reader because there's so much of it
uh... and it's
all great views are he blodgett firedoglake
news section
now you did
yet right here
okay you ok right now i appreciate you you've just russian some
uh... a trip to the airport and
so i appreciate you taking the time the kids uh...
you have been one of those people
who have been uh... doggedly
following the mortgage crisis for years
you have been following
lowing the
black uh...
prosecutions by the department of justice don't lack of enforcement and
you've been following
the administration has been pushing
uh... state's attorney generals from picking up so city let's start
use it um... monday i believe it was
paul of a floating of a new deal
desilets start there
mhm
so
there was uh... the reported uh... a breakthrough over about this past
weekend
arm often charms of a deal
that would give as much as
twenty five billion dollars for effort
uh... on
uh... the foreclosure mitigation and also hot compensation for people
promptly foreclosed
i think eighteen hundred dollar check
so another seventeen billion
uh... poor printable reduction for underwater home owners lost a
refinancing with money in there
uh...
and that that talk along a conflict of what we've
uh... but the point was that
fought the terms of the mfa
and there's a big meeting in chicago on monday
uh... with all the democrat worked army general
uh... president charge was that actually none of the attorneys general to reply
well promised bill
work there
uh... at this meeting on monday uh... and that most of them
uh... date statement that they still oppose the deal because for various
reasons whether would
just compulsory if someone is seven hundred billion dollars in negative
equity in this country and it was it seventeen billion dollar principal
reduction
uh... to that end for example
uh... edited that would help me one million homeowners and and but there are
ten point seven million homeowners underwater
and also with the release far too much liability that there's also the issue
with that
the last time that we get a bulky space settlement like this in the country what
case
uh... the banks just didn't do their end of the bargain commissioner the bank
america did not do the modification in fact they kept actively harming
borrowers
so propriety of reasons
uh... there was a lot of energy on the lab
saying we have to
stop this fields ridiculous
uh... this
we haven't done meaningful investigations now have not the i'll put
together the right thing divya the five uh... holdouts
uh... snyderman in new york basically started the cascade uh...
cascade maybe uh... to uh... strong of a word a bowl biden in delaware
martha totally
in massachusetts
um... and uh...
nevada out-of-court
yet you have that has kept a record at maxwell and problem felt here in
california and possible in the past in india
uh... kamala harris in in california i've got a lot of pushback from uh...
c left-leaning groups not to be a part of this deal there was obviously a whole
lot of cover lucien item in and and in let's just hold off addressing why it's
important to reference
these sort of uh... adi activist work on this because
uh... this latest
story was schneider min sort of presents some problems that are developing on
that front but said that was the deal has announced on monday and then last
night
uh... just as the state of the union was starting
there's a story that break since lucid sam stein has a non huffington post
and it's referenced i believe it is by president obama in his speech tell us
what that is
their work
a reference to it and speech of
a
uh... than arm of the financial fraud passports which uh... you would not
uh... the
uh... uh... remiss if you didn't know it exists after the last
forty years there's been this
think all the financial fraud passports
and uh... shirley has been doing that very predictable right and and and
copper network
um...
itself the albert going to be looking for good
uh... origination and securitization unit
as part object passports
that is packed with looking into
uh... those two major issue as the origination of mortgages in the fraud
contained therein
and p it legal securitization which is the bundling up
puppies mortgages
uh... it into mortgage-backed securities
selling them to investors when in fact
uh... the proper chain of title was not conveyed when you uh... when they they
put the mortgages into the truck
uh... there was very upset broaden the turn in the misrepresentations and and
marty's birthday
uh... when they actually convicted these
these mortgages to the investors they did so
uh... it's looking at all of that the u_n_ which is probably the greatest
liability that the bank sap
um...
and let me just uh... distances to the people and i think and we say
retaliation we're talking about
uh... the people actually
made the loan it first which is often not those people and um... secure
attaching it
uh... and worker or yet we're talking about the sub-prime lenders
of most of whom are out of business so i i i think that the reason that
origination and where
is because
uh... idea keeping that jurisdictional live helps you with the securitization
uh... investigation so i i
you know leading you're not gonna
soon country what i've heard that they don't exist in parliament in this name
with uh... america lester or any of these other sub-prime lenders but
there's a reason to put it at that anyway
the poignant fiction writer mitten
uh... what
and now
as part one of the co-chairs
of this
committee and at the five-person committee i don't know why it is a
five-person committee because that doesn't seem to be the best way
uh... seem like an independent prosecutor of the way that you no
delivered investigation not a big committee
but uh... welcome on the committee
so we have uh... avoiding roar
from the justice department
who has a you know what blasting on sixty minutes
sir explaining in making every excuse in the book work so hard
to do these prosecutions uh... against banks
uh... who was that uh... partner at the white shoe off harm covington burling
who actually created the legal underpinnings farmers and i want to
totally get in the murders but which is a term actively conflicted
on pineapple services issued well meri koi *** that we talked about in this
program very much that was the essentially the online
urging supplanted of the
that that that said to mortgage companies into scary ties is you don't
have to go and
uh... in creative chain of title through your a local municipal or county and
clerk's office we'll just do it online it's made up by the banks we're gonna
save billions and in fact what it is created is a uh... among the and
arguably fraudulent
chain of title um...
and let me say one word about you know i mean
using what we think about that your
consumer tinkling brewer last time i saw his name
was uh... forwards in also mailed reuters story on january twentieth which
said insight top justice officials connected to mortgage banks
i think that and and that problem throwing them at specifically remember
from some of the other uh... services uh...
bank from and
and for the third represent
uh...
when the other co-chairs is robert cruise on the who's the head of current
head of enforcement for the f_t_c_
before that he was the general counsel perk toward japan
was one of the leaky trustees
uh... even isn't higher
securitization scheme
uh... you know the f_e_c_ is not necessarily good modeled enforcement of
the last few years in fact they will end up
by judge other jet wrapped up in new york
continuing to give
the settlement deals to banks
where they'd don't even forced them to admit or deny any wrongdoing
uh... intimate settlements uh... so
it looks
stanley
you know i i i i
i think
shy timid earned some degree of trust that he is trying to yelp moved forward
the investigations on things that really matter
but he looked out voted
on the panel
um... and the real concern is that this is a means
more the buried united coalition on the left who was opposed to a settlement to
go ahead and say
okay we got our investigation now we can do the settlement on these other issues
we still have this
this investigation this torch that we can now holed up
uh... and and and that's going to be away for so if you can put it greasing
the skids
georgia deal another point through that
is the fact that another member of this panel told west is uh... a justice
department official
who also happens to be caramel apple brother-in-law
so you help the pressure on on harris
to get this dotnetnuke content especially uh... you know it
you have a family member who was on this panel you have uh... that their dangling
a carrot of eight billion dollars
uh... printable reductions for constituents in her statement broderick
the only state that your mark like this is the money that's going to california
uh...
so there's tremendous pressure on her there their their you know many of the
organizations in california have have
said over to the great thing and and
uh... that obama conwy taking this seriously and met with this
investigation and
uh... it's just
concern
we have this kind of regulatory theater with this investigation
and then the settlement
will be a polo to efforts at the temple ok so what we should be looking for is
whether or not uh...
shannon
uh... camila harris sign off
on this satellite and that's now i have been bright since i wrote yet but i
wrote about the cause warming up in somewhat shore
that there is political space
four
the new york attorney general eric schneider men
set this position
uh... etc on this unfortunate heard this investigative panel
and also object to the settlement
uh... if that's the case
uh... then that you know that i don't see anything method
terribly wrong with more investigation even though
if tied in with the same people who didn't investigate for thirty years
uh... you know
it that i what i'm being told
uh...
so what happens
see that played out
uh... what i ab
seeing is that the ac
coalition on the left at that has been objecting to a settlement
came out and gave unqualified praise
to this investigative panel
uh... and that
that certainly damaging to uh... you know
that the ability and the hold up the front
uh... the guilty of all these other a_g_-two actually been you know against
this man
to hold up a front against
uh... the tremendous pressure on the
right you posted a ul and uh...
uh... the email blast you got from uh...
move on the new bottom line
uh... campaign for america's future separate senator and
uh... debt is disturbing
the
uh...
coincidence of language the
forever
urn which he came out
how quickly how unequivocal
all that is a little bit disturbing so the uh... on one hand
we see the possibility that snyderman is still has the space to uh... reject this
deal
but may have more resources because he has access to now federal
all uh... uh...
uh... cooperation and what not ready could theoretically bring back to new
york it may help him get a bigger bad deal that on the other hand what we're
seeing is snyderman being co-opted
uh... and uh...
i'm not sure what his outside in this is another then there may be in uh... you
know who knows within politics
yeah i mean i get
cd field that that
he can leverage
some resources here from the federal government to different jurisdictions
absolute
some became
bigger subpoena power uh... more of the budget
uh... to actually do the investigation that needs to be done
uh... ike
feel that these probably sincere in those efforts by just feel like this
panel is business
you know in some ways designed to fail and uh...
uh... you know it you have to look at the track record here right you know if
there was a financial fraud task force for the last forty and a half years
it hasn't really gotten anywhere
and uh... girl at regardless
uh... it's just an anthology that's for spending itself the you know all i do is
related stuff on a daily basis and i'd never heard those words
david beckwith by enterprise that part of that benefits like a super sleuth
agency
creek there'd republic buttercup uh... so you know it it
it's hard to get
terribly excited about this but you know i mean
i'm i'm i'd be happy to be proven wrong and i'm sure that uh... the groups that
are probably very happy with me right now are are telling me that i'm wrong
and and
uh... that this is a legitimate investigative panel and with that
uh... we're we're going to see some real accountability here alright
i'd i'd like to believe that it does seem weird to me lots
you've had that you're rarely here have been investigative body that's actually
gonna bring charges
you know it's one thing to have recommendations but these are all uh...
entities that can bring charge it's right i mean individually tam most of
these five guys are four of them at least
are uh... heads of agencies that can bring charges just isn't like the
commission that was set up with the um... uh...
you know uh... the uh... financial meltdown now
commission which is close to the seine recommendations right arm in a justice
where they go to diagram leak i sent out this if it can be a prosecutor grad of
workers are important
the but
that's the real setting
status
it
you comfortable you already have one second of all uh... you know
with far less resources attorney generals like uh... f reporters map
though in in nevada and market-opening masters of have already brought suits
uh... in even nafta's case criminal indictments
uh... against uh... lp s the document processor that that created a lot of
these fabricated and forge documents
arkin
in complicate the civil case against nephew to banks for potentially stealing
bottle
so you know they didn't seem to have this resource to tap the problem
uh... that that that stop them from during blocked it
at sharon's been quiet in terms of the optics but this and and and objecting to
the settlement
never actually brought indications he's done from investigation
um... and now we're hearing about that further investigation
so at some point you have to put his cards on the table
uh... and i'm not sure that this
body this investigative bodies setup for him to even do that
well it'll be interesting to see in this and i know you got a job at methodist
one more question for you because it's it's it's somewhat related uh...
because this is almost the one-two punch the flip side of of this is that
uh... president obama also uh...
pass congress
to pass in mass refinancing plan
which would go beyond
uh...
the refinancing that happened to fannie mae and freddie mac
and uh... mortgages but would be across the board um... what can you tell us
about that
yeah good luck with that
the technically correct but that might get a pad i'd i'd i don't i don't know
if there's even a real good say much about it by uh... did good
not really happened is that it did happen
other i think you can see how it could be anything but discretionary on the
part of the banks in the new get into the same problems that you have
with the settlement which is that if you put it at their discretion
uh... they they have not historically been
upset of companies that have been interest in the consumer
uh... but uh... rather than interest in our own bottom-line so
i it
a bit puzzling to me i mean there were a lot of things in the speech that artists
blown out there you know sent me an opportunity for on every single
appointee within ninety days while they're talking about what happened but
uh... tonight sentiment
um... rosenthal i might have a cricket settlement but because the sentiment
that i think that was a sort of the dilemma with this is uh...
with this speech in the on one hand
i had a problem with him basically telling uh... the speaker i'm ready to
do that grand bargain again we can cut so security and medicare
uh... and
so you know i'm gonna happen you could let out of his uh... it really occupant
slapped on that and air if i don't have to thank him for there
refinance a climate that is exactly the dilemma imagine if you're hosting the
show talking about this to my head
backpack that nasa it's like to
altman fighting overcome it's all interest in tibet but at the end of the
day um... enough but uh... david and i like i say the most important thing to
come out of the state of the union address
was uh...
the
denouncing of this uh... second task force
uh... which uh... hopefully will not be so uh... sleuth the
do you interpret yeah but uh... so we'll keep our eye on uh...
on whether or not or to an end
signs off on this proposed deal
uh... that the uh...
the au bon this ratio desperately wants the u_s_ eighties to sign off on at the
state eighties as you say and uh... that will be the first health now
that will be the first hour and and or really have to look at what reliability
is being released in our product or protected from uh...
david and the
news editor at firedoglake we of course will link to uh... day today and flood
you cannot
you cannot do
war to get yourself informed about what's going on into reviews of blog
every day