Waiting for slaughter.
Today I’m going to pick on the National Council for La Raza which you may remember fondly as a Hispanic empowerment group on the forefront of Immigration Reform.
Having completely and totally failed at changing the Obama Administration’s worse than George W. Bush deportation policy (MSNBC, not exactly a hotbed of rumor and innuendo), La Raza has now attempted to gather the shreds of credibility that remain to sell out once again in defense of the Obama Bankster Bailout: Robo Signing Edition.
This did not escape my notice over at The Great Orange Satan-
Attorneys General: It’s Time to Close the Deal
Mon Jan 30, 2012 at 11:58 AM PST
Details of a $25 billion robosigning settlement have begun to emerge and if the reported details are accurate, there is much to celebrate.
Clearly, $25 billion is not enough to repair all of the damage done to our homes and the economy, but that is why the robosigning settlement is only part of the solution. One of the most important deals struck in the negotiation is on the releasing of future legal claims. This means that the AGs and the Department of Justice can continue to pursue civil rights, origination, and securitization claims. In fact, the financial crimes task force, investigations underway by AGs in California, Nevada, and Massachusetts, and the Department of Justice’s landmark settlement with Countrywide give us every reason to believe that the march toward accountability is off to a good start. The robosigning settlement should be the next step. It is time to deliver the first installment of relief for homeowners that have not a moment to lose.
If so it’s remarkably short sighted nor does it seem to match the policy goals of your organization.
This is a ridiculously small amount of money to cover over $700 Billion in lost value and most of it comes not from banks, but from the same taxpayers that bailed them out.
This is a horrible settlement on every level. Supporters should be ashamed.
by ek hornbeck on Mon Jan 30, 2012 at 01:50:53 PM PST
NCLR’s policy goal is to maximize relief for families in the timeliest fashion possible. As we noted in the blog post, we agree that $25 billion is will not meet demand or atone for all the harms caused by the financial crisis. However, it is an important first step at a time when we really need momentum. The deals preserves the ability of the Department of Justice and the state Attorneys General to continue pursuing financial criminals and holding them accountable. It would be short-sighted, and quite frankly irresponsible, to walk away from $25 billion and drag out negotiations for another six months or a year, while millions of families continue to slip toward foreclosure. The settlement is not perfect and advocates will have to remain vigilant. NCLR will continue our drumbeat for justice and meaningful relief for the millions of Americans who have been victimized by improper lending practices.
by NCLR on Tue Jan 31, 2012 at 07:50:06 AM PST
Oddly enough it’s the very same Janis Bowdler that Yves Smith cites today-
(S)ome core constituencies aren’t buying what the Administration is selling:
Aides to President Barack Obama have in recent weeks courted civil rights groups and borrower advocacy organisations, scheduling meetings and calls in an attempt to gain support for the expected settlement and muffle criticism from key political allies…
The meetings have occasionally served as a “gripe session”, as one participant called them, because many of Mr Obama’s most ardent supporters have criticised the pending deal’s terms for the degree of relief provided and the extent of the release from legal claims it provides for banks desperate to minimise mortgage-related liability…
Janis Bowdler, a housing expert at the National Council of La Raza, the largest US Hispanic civil rights group, said the settlement would be a good start for the White House as it seeks to prove it is doing all it can for homeowners.
“Wrapping up the settlement now is the right thing to do, but it’s only going to be a win for them politically if they follow up with the financial crimes task force,” Ms Bowdler said…”Otherwise, if this is it, and they’re satisfied with just $25bn, I don’t think that will be enough to convince voters that they were doing all they could to fix the housing market.”
Oh, they plan to do more: put some small and maybe even mid sized players in stocks in the town square, the closer to the elections, the better. As we know all too well, the Administration only wants to appease voters, not fix the problem. What it seems to fail to recognize is the the housing market is in such distress that token measures and gimmickry are unlikely to do the trick.
La Raza. A sold out failure on every level. Exactly as influential as Planned Parenthood.
DHinMI called me dangerous and edgy. Well, I am.