The Associated Press reports that a proposed deal could be announced within weeks. Five banks—Bank of America, JPMorgan Chase, Wells Fargo, Citibank and Ally Financial (formerly GMAC)—would pay the federal government $25 billion. About $17 billion would be used to reduce the principal that some struggling homeowners owe, $5 billion more would be used for future federal and state programs and $3 billion would be used to help homeowners refinance at 5.25 percent. Civil immunity would be granted to the banks for any role in foreclosure fraud, and there would be no investigations.Once more, we see that there is absolutely no law whatsoever in the USA. There is barely even the pretense of it here. And looking at it from a political perspective, one would think the Republicans could easily ride this issue of tremendous bank-related corruption and abuse of the home-owning public to victory in November except for one small problem: both Romney and Gingrich are as wholly-owned by the banks as is Obama.
If only there was a candidate who wasn't a banker's puppet. Surely he would be the ideal presidential nominee under these circumstances!