From the Handbook of the Office of the Comptroller of the Currency

As pointed out by a listener to the Neil Garfield Show, if you look at the Handbook version from 2007, you will see the same things — it is all abut protecting the borrower. Yet the regulators, law enforcement, legislators and Courts all seem to think the opposite — that it is all about the protection of the Banks, regardless of whether or not they are the creditors or have any actual authority to represent a creditor.

This imbalance caused the Federal government to expend trillions of dollars in the bank bailout and fiscal stimulus. In truth, had they followed their own rules and regulations, the “defaults” would largely have been nullified, the foreclosures virtually nonexistent, and the amount due to the real creditors would have been far less for each homeowner.

The homeowners didn’t need a bailout, they needed justice. Approximately $13 trillion of middle class wealth was wiped out, most of it going to the banks. If justice had prevailed, the fiscal stimulus to the economy would have set us right for decades while diminishing the power and even the existence of Mega Banks who control many of the policy makers.

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