What happened to Joe Nocera?

Sometimes you just have to wonder. Nocera has been an excellent, even if somewhat reluctant investigative reporter who brought almost as much daylight as Gretchen Morgenstern. Like others reporting on the mortgage mess, he has not yet attempted to quantify or even describe the financial damages to investors and homeowners, much less the total financial damage to our society. The amount of damage, as anyone knows, is hidden behind layers of denial and attempts to distance the banks from their own behaviour.

Which is why I don’t understand Nocera in his article “3 Cheers for the settlement.” if we know anything, it is that at least $17 TRILLION has been spent, that we know of, repairing the damages caused by these banks. So why is Nocera saying that prosecuting the banks for intentionally causing these damages to all of us would not be productive? Who got to him? And why is 1 cent on the dollar a good deal?

Why does Nocera assume that it will take years to prosecute? We already half the evidence we need. why does Nocera assume that the threat that the banks to stop negotiating would be a bad thing? Why does he assume it is anything other than a bluff?

And why does Nocera now write that the settlement represents more monetary relief to homeowners than they could ever hope to get in court? Really? When did Nocera quantify the damages? in which article? if he doesn’t know, why pretend that he does know (and we know he Lacks the information to compare the value of a settlement that has not been finalised with the $17 Trillion we already know about).

Or is this another swipe at borrowers — echoing the latest lines from the bankers’ playbook that these were innocent victimless crimes? Explain to our audience how falsely inflating the property value, false statements in the mortgage documents, false statements in the mortgage bond documents causes trillions in damage without victims. please ! Explain how collecting multiple times on the same debt creates no victims. explain why homeowners should lose title and possession to a house in which they poured their heart and soul — even after they paid the illegal debt multiple times with their tax dollars, their pensions, and their credit reputations.

Tags: false declarations, measure of damages, multiple-state, Nocera, Robo-Signing, settlement
Posted in bubble, Corruption, Eviction, evidence, expert witness, Modification, Pleading, securities fraud, Servicer |