If everyone on Wall Street is as pure as the driven snow, or at least “not guilty”, then it’s fine for Obama to raise tens of millions of dollars from them to pay for his shot at re-election.

Banksters have figured out that they can stall real solutions to the housing/foreclosure mess and eventually the congress will give them some kind of back door bailout. They are probably right.

No one should be allowed to evade responsibility on the theory that collective guilt creates individual exoneration.

Bank of America settled some of their mortgage problems today, but now all. Even then they got off very cheaply, a mere 8.6 billion.

The NCUA sues JPMorgan Chase for non-disclosure in offering materials for real estate mortgage-backed securities. Too bad Preet Bharara hears no evil, sees no evil, tastes no evil, smells no evil, and touches no evil, meaning that he has nothing to say about securities violations that don’t affect hedge funds.

SEC enforcement is pathetic. As if you didn’t already know that.

You don’t need an army of FBI agents to work up criminal cases in real estate mortgage-backed securities. You just need to read the documents.

Preet Bharara, the US Attorney for the Southern District of New York, is letting the statute of limitations run on securities fraud related to sales of real estate mortgage-backed securities. He’s very busy with insider trading cases and partying with his buddies at the law firms that got reich creating teh deals and then coping with the fall-out.

Foreclosure fraud is just the tip of the problems facing securitizers. Real Estate Backed Mortgage Securities are governed by a contract that imposes a wide array of rights and duties on each participant in the process. The process of working out the implications of those rights and duties will take a long time and a lot of judicial resources.

The question is, which impending catastrophe is going to be least bad for the American people? And which catastrophe best preserves the rule of law and property — the bedrocks of our country? Do we enter this catastrophe on the banksters’ terms, or on more equalized terms?