For years now this has been DOJ's strategy: to rattle off the number of cases of "financial fraud" or "mortgage fraud" it has won, not a single one of which is the kind of case the public has been demanding.
Although some reasons may appear to support prosecutorial abdication, the size and scope of damages suggest individual wrongdoing must have led to the subprime crisis and that individuals should be prosecuted.
I propose the creation of a new banking industry initiative called NOBAR (Nonstandard Borrowers Alternative Resource). Its mission is to help responsible individuals with bad credit scores -- where reasonable and appropriate -- secure a new mortgage or refi.
Many Americans re-adopted a mythology about wealth that had been discredited and abandoned by most of the world in the 20th century. We need to transform ourselves, remove the blinders, and see things as they really are.
The eviction was so shocking that Lennon-Griffin's 72-year-old neighbor ran out of her own home in her pajamas shouting, "This is not America when we are removing people from their homes!" until she was arrested along with six others.
The administration's mortgage settlement was always profoundly flawed, but it provided some opportunities for further action -- or we were told it did. But there's very little evidence anybody's acting on these opportunities -- and time is running out.