By Christina Fermin
Politics & Society Columnist
Finally some great news in the housing crisis, the Federal government decided to stand up to the Banksters. The Federal government filed suit against 17 financial institutions, because of the large fraud in creating these securities and selling them to tax payer owned Freddie Mac and Fannie Mae. The suit in particular is suing for the losses which it obtained from the mortgage-backed securities that were sold to Frannie and Freddie. The suit is hoping to win back some $200 billion that was loss due to the sub-prime mortgage loans. Let’s not forget the $700 billion dollars that we the people used to bail them out of the mess they created, because they were “too big to fail.”
This is just one of the many suits that plague the industry; justified by the leaks, reporting and personal experiences that have come to light since the bubble burst in 2008 and the U.S. economy sank into depression. What we see is the complete lack of moral and merit on account of the banks and the financial institutes of the world today. These powerhouses have a blatant lack of respect for the people and laws that have been put into place to govern them. This is a clear breakdown of society and what is expected from the economic community. People have been devastated, and while yes there are some members of the community that took part to exploit these loopholes, there were suppose to be regulations to avoid this kind of thing.
Today the banking industry is profiting in the billions of dollars unlike any other period in history. While the American working middle class has been decimated, which has given rise to a new social class, the American working poor. Whose plight it is to work sometimes up to 80+ hours a week, just to make ends meet, if your lucky enough to find a job that is? Justice will come and as society stands by recollecting ourselves and deciding what it is we want out of life, government and corporations. The people have not yet spoken. The vast majority are still in shock at the apparent exploitation of people especially during times they are most vulnerable. Yes the financial institutions, specifically the banks have screwed you! Now what are you going to do about it?
What needs to be done to right this wrong? The balance sheet needs to be zeroed out and everyone who is in the red needs to be given loan forgiveness, all who lost their homes need their homes returned, if it was sold or demolished, then given a voucher as to the cost of their home to purchase another one. Aside from zeroing out the mortgages, credit card debt as well as student loan debt needs to be zeroed out because of the predatory loan activities that are practiced and praised for. What has happened in the financial industry is inexcusable and it should never happen again. Never in the history of America has the wealth disparity between rich and poor been so wide. More proof that the system that once governed and functioned society is breaking down and the need for a radically new and different system needs to come about.
I see the light at the end of the tunnel. While it may seem chaotic, crazy and hopeless. There is hope. We are that hope, we the human spirit, the human consciousness, our resilience to change in unyielding circumstances. It is time that we understand the things that are happening, accept them and our responsibility for what is happening, our mode of complacency must end. It is time that you allow the creativity to flow and come out of the wood work, come and co-create the experience you would like on Earth. With technology and the radical changes that have taken shape in the last century it is possible to create a society where people can experience their spiritual and intellectual capabilities with leisure time, while expanding on the evolutionary processes that take shape. Where mundane activities are replaced with exciting, adventurous and soul expanding ventures. Where we can live unified harmoniously on this big blue beautiful creature we call Earth.
Peace & Harmony,
Christina
About the Columnist
With a bachelors degree in political science from Florida Atlantic University, Christina Fermin has always cultivated her love for history, politics, sociology, ancient knowledge and teachings, the outdoors, the ocean and the environment. Christina strives to make our world better by helping us all create a new reality and understanding of all taking place here and now.
Overall most people would think this is a good thing, but there’s one thing about this that I REALLY don’t like.
While I’m no fan of Bank of America, the truth is that they NEVER sold SubPrime Mortgages. Instead it was both Merrill Lynch and CountryWide that sold the SubPrime Mortgages, after which the FEDERAL GOVERNMENT basically BULLIED BOA into buying both those companies. If you look at the History of this, BOA didn’t want to buy Merrill because they didn’t think it was right to give the heads of that company millions in “Parachutes” and they thought there would be too much of a future risk of lawsuits. The Government then told them that they would NOT be liable for Merrill’s actions and practically forced the Merger anyways. With CountryWide, BOA said it would be a black hole, but again, the Feds forced the issue.
Now 2 years later, they’re going back on their promises and suing BOA for the actions of the 2 companies that they FORCED them to buy???!!!
I’m sorry but no matter how much you hate BOA, you have to admit that this is an outrage.