If you are a too big to fail bank like Wells Fargo, the wages of crime look awfully good. RIp off as many as 10,000 people to the point where they lose their homes and your good friend the Fed will let you off the hook for somewhere between $1000 and $20,000 per house. And as we’ll discuss in due course, this deal isn’t just bad for the abused homeowners, it’s also bad for investors and sets a terrible precedent, which means its impact extends well beyond the perhaps 10,000 immediate casualties.
Oh, and how much does the Fed think you should be paid if you were foreclosed upon thanks to Wells? Per the settlement document:
if, primarily as a result of the additional payment obligation on the loan resulting from the altered or falsified documents, on or before the date of this Order, the borrower’s home was foreclosed on or the borrower sold the home in a short sale, Administrator A shall provide an additional amount up to $7,000 in appropriate remedial compensation to reimburse the borrower for any expenses attributable to the foreclosure or short sale;
There's a word for this--plutocracy.
Once again, George Carlin:
THEY OWN YOU!
http://www.nakedcapitalism.com/2011/07/should-you-get-only-7000-if-a-bank-steals-your-house.html
