Business

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CNBC editor predicts Congress will retroactively legalize the foreclosure fraud

Congress will pass a bill to "forgive" banks' potentially criminal errors made in foreclosure proceedings, a senior CNBC editor predicts.

Mr. Carney says:

Here’s what is going to happen: Congress will pass a law called something like “The Financial Modernization and Stability Act of 2010” that will retroactively grant mortgage pools the rights in the underlying mortgages that people are worried about. All the screwed up paperwork, lost notes, unassigned security interests will be forgiven by a legislative act....

The [foreclosure] crisis is not driven by economics. It is driven by legal rights. And there’s simply zero probability that the politicians in Washington are going to let Bank of America or Citigroup or JP Morgan Chase fail because of a legal issue.

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Koch Industries and Buying Government

Oil refineries, Brawny paper towels, Mardi-Gras napkins, Angel Soft, Quilted Northern, Stainmaster carpet, Georgia Pacific lumber, formaldehyde manufacturing, Lycra, Dixie cups, Freedom Works, Americans For Prosperity and the GOP.

What do all of these things have in common? They all are owned/heavily funded by the Koch brothers of Koch Industries.

Aside from the fact that I personally believe that corporations are dipping their hands into too many industries, what bothers me the most is that corporations are dipping into our government. "For the People, By the People", not "For the Corporations, By the Corporations".

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