In a stunning display of turning The Constitution into toilet paper once again, our Dear President is again fellating the bank executives:
The Obama administration does not support a nationwide moratorium on foreclosures at this time, Federal Housing Administration Commissioner David Stevens said Sunday in an e-mail response to questions.
Calling the growing evidence that lenders have used inaccurately prepared and even fraudulent documents to foreclose on homes a “serious problem,” he said it had already “thrown a lot of uncertainty into the housing market that is already fragile.”
“I’m not sure about a national moratorium, because there are, in fact, valid foreclosures that probably should go forward, and where the documentation and paperwork is proper,” Axelrod said.
Notice the two immediate problems:
In this country we are supposed to err on the side of not punishing innocent people. That is, if a particular legal thing would catch five guilty people while at the same time persecuting any meaningful number of innocent ones, our system of justice is supposed to eschew that path.
The Constitution’s 5th Amendment says, in part:
No person…… (shall) be deprived of life, liberty, or property, without due process of law.
Fraudulent paperwork – in any amount – is a clear violation of The Fifth Amendment.
But again, our Dear President and his officials are attempting to ignore the facts. This is not now and never has been about “simple errors.”
It is about covering up what was done during the 2003-2007 years – the improper bundling of loans that did not meet standards and the willful and intentional failure to transfer notes.
Just as Richard Nixon attempted to cover up the Watergate burglarly by destroying the evidence he had proving he knew what was going on, President Obama is attempting to deflect attention from the actual offense and pattern of conduct.
The issue is not “robo-signed” documents. The issue is that the robo-signed documents are an attempt to cover up for previous failures in the securitization process which have left investors worldwide holding an empty bag, and homeowners with seriously-damaged chains of title.