Since 2007, everyone has had their suspicions about the banks. The role they played in lending to the less than qualified, the no money down mortgage and the 125% home equity loans. This was a huge contribution to the real estate bubble that led the way to the Great Recession that we are still mired up in six years later.
This week on MSN’s home page an article was written proclaiming, “Bank America former employees were told a lie”.
After eight years, the truth is beginning to surface as to the extent of the banks’ underhanded dealings with underwater mortgages. Much of that which was done in the dark is now coming to the light.
Part of the stimulus the government put into place was given to the banks. This government money, i.e. your tax dollars and mine, was to help the underwater mortgages, the defaulted credit card debt and to extend loans to small business. However, it appears that the majority of the banks did not use the earmarked money for these purposes.
I guess this comes as no surprise to anyone. It seems that the banks really answer to no one on any serious kind of basis. I am sure there are agencies in charge of this, but do they really ever show their teeth? Or is it a quid pro quo and business as usual of the wealthiest sector?
As a citizen and a taxpayer, I would like to know why no one has gone to jail over these offenses yet. Especially in light of the fact that all this money (ultimately our tax dollars) that was handed over to the largest banks was used according to their whims and not properly regulated by the entity that bestowed it.
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