Rep. Scott Garrett Needs To Be Recalled: AG's Proposed Settlement Punishes Banks Too Much


Today I find this little gem in American Banker:

Rep. Scott Garrett, R-N.J., is circulating a letter among top GOP members of the House Financial Services Committee that argues the state attorneys general and other federal agencies involved have gone too far in their attempt to punish the banks for problems with the foreclosure process.

WHAT?  ‘Too far?’  As I posted on this topic yesterday, and Karl Denninger wrote in State Attorneys General Sell Out Americans To The Banks, this settlement is a joke.  There is absolutely nothing substantive in this tentative agreement; there’s nothing that isn’t already stated and covered in currently existing law.  This is some sort of restatement of existing law, dressed up and being trotted out as if a new revelation. 

So, what is Rep. Garrett trying to do here by attacking this toothless settlement as ‘going too far’?  I would say that the obvious answer is that he cares far more about who or what funds his campaigns than he does for those he is supposed to represent.  This settlement does nothing negative to banks and does nothing positive for homeowners.  To even suggest that this ‘punishes’ the banks is a bad joke.  These banks have committed massive fraud.  This is not just conjecture. 

There have been a myriad of rulings from state courts as well as appellate level courts that have found evidence of massive fraud perpetrated by banks against homeowners, much of which has been documented right here on FedUpUSA and also documented over at 4closureFraud. Just spend 20 minutes going through their library of court cases involving illegalities and criminal activity of banks and you’ll get an education of a lifetime.  This is not to even mention the revelations of people like William K. Black and Elizabeth Warren, who have testified as to the fraud in front of Congress itself! Yet, Rep. Garrett says this settlement goes too far?! 

I would say that anything short of jail time for all of the banks’ CEOs and Board Members doesn’t go far enough.  As for you, Mr. Garrett, your constituents should immediately initiate a recall effort, since you sir, don’t even bother to give them the courtesy of pretending you aren’t owned by special interests.