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Showing posts from April, 2016

DOJ continues to hold banks accountable for the 2008 financial crisis.

The Department of Justice holds Goldman Sachs accountable for their part in the lending collapse of 2008. The Department and Goldman agreed to $5.06 billion settlement.           DOJ alleged that prior to 2008 Goldman Sachs was falsely assuring investors that the securities it was selling to them were backed by sound mortgages. These securities are referred to as Residential Mortgage Backed Securities (RMBS). Goldman Sachs was fully aware that the RMBS they were selling were not backed by sound mortgages. This illegal action led investors to buy these security-backed mortgages, which ultimately failed when the mortgagees defaulted on their mortgage payments. These continuous defaults from multiple pools of mortgages led to the housing bubble bursting. The banks were no longer bringing in money from the loans and the investors were losing their investments. Goldman Sachs’ actions cost both private and government entities billions.           Goldman Sachs failure to do their req

48 years of Prohibiting Discrimination

48 years of Prohibiting Discrimination Forty-eight years ago this month, on April 11, 1968, President Lyndon Johnson signed the federal Fair Housing Act, which prohibited discrimination concerning the sale, rental, and financing of housing based on race, religion, national origin, sex, handicap and family status. This important law also made it unlawful for a housing provider to make, print or publish any statement or advertisement that states a preference based on these classes. Let us not forget this eventful day by reminding people we know of the current state of the law and the  rights afforded to victims of discrimination.   http://www.oak-park.us/news/april-fair-housing-month