By John W. Lillpop
The Obama administration is crowing over an agreement that will cause the Bank of America to pay nearly $17 billion to end lawsuits related to deficient home loans and mortgage-backed securities sold prior to the 2008 financial crisis.
The agreement includes $9.65 billion in cash paid out to federal and state agencies, and nearly $7 billion in consumer relief to borrowers hurt by the mortgage crisis.
Unfortunately, the Agreement does not include criminal charges for specific bank employees who defrauded borrowers, investors and the government.
Furthermore, the American people need and deserve an intelligent, truthful rendering of all the facts involved,so as to exact justice AND prevent reoccurrence.
Bottom line: Obama and Democratic Party anti-business zealots must answer the following question:
What about Fannie Mae and Freddie Mac?
Tim Pagliara, head of shareholders group Investors Unite, put the issue in proper perspective when he said, “Investors deserve to know when the U.S. Treasury knew that Fannie and Freddie would become profitable and how that factored into the decision-making process.”
“Theft is not privileged.”
Perfect. Let’s keep it that way!
John W. Lillpop
San Jose, California