A story from today’s New York Times really wrenches like a knife into my gut. As someone who fights every single day to try and help Americans stay in their homes and get back in the games, I am confounded by just how inflexible and unreasonable all the banks are….. Your income’s too high for a modification…Your income’s too low for a modification. We won’t accept this Short Sale. We won’t waive that deficiency. All of that would be bad enough under any circumstances, but knowing just how much money me and my clients paid to bail out the very banks we’re fighting really offends my sense of right and wrong…..(and the failure of our courts to hold these banks accountable to the letter of the law will forever be a black mark on our entire legal system……)
Presidents George W. Bush and Obama spent more than $1 trillion in taxpayer money to bail out our largest banks and corporations. But they exacted no quid pro quo. JPMorgan Chase has recorded splendid profits and has no obligation to bail out hundreds of thousands of homeowners facing dispossession.
Instead, the battle to hold JPMorgan Chase “” and its brothers in government-supported finance “” accountable has fallen to state and city officials. Some in New York sound eager for a rumble (the attorney general, Eric T. Schneiderman, has taken a tough line, seeking piles of documents from banks, including JPMorgan Chase).