Friday, January 9, 2015

"That’s why we worked with states to force big banks to repay more than $50 billion to more than 1.5 million borrowers who had been treated wrongly" $33,333 each, Did they get their checks yet?

Anonymoussaid:
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Transcript of speech:
“And that’s why we had the Justice Department fight for buyers who were discriminated against or preyed upon, and we won a settlement that awarded more money to victims in one year than in the previous 23 years combined. (Applause.) That’s why we worked with states to force big banks to repay more than $50 billion to more than 1.5 million borrowers who had been treated wrongly — and that was the largest lending settlement in history. (Applause.) And that’s why I’ve called on Congress to wind down the government-backed companies known as Fannie Mae and Freddie Mac.”(NO Applause)
Facts and truth:
It is the banks and mortgage lenders that were prosecuted by Justice Dept and State Govs, for discrimination, preyed upon, treating wrongly.
In addition on behalf of FnF, FHFA and Justice Dept prosecuted the same banks and mortgage lenders for committing fraud against FnF and made them pay billions in fines and settlement.
FnF have never been prosecuted by any one for mistreating anyone.
In fact FnF are protecting borrowers thru strict guidelines and monitoring lending practices.
President should have known that FnF are not banks and not in direct mortgage lending business, FnF provide liquidity to these banks and mortgage lenders by buying loans.
In facts the banks which committed unlawful acts are regulated by the Gov and bank deposits are insured by Gov with taxpayers money. In such a situation Gov should have wound down erring banks. But these banks were rewarded with easy loans.
Can President tell public how Gov has backed or backing FnF?
Gov is backing only banks and MBS investors thru FnF.
Gov used FnF to save bankrupt WS banks at the cost of FnF and its shareholders and has also tried to bankrupt these privately owned companies.
Logically and legally speaking how can President punish FnF for unlawful acts of Banks. FnF were the victims of fraud committed by these banks.

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