August 17, 2011

Housing Crisis | Make The Culprits Pay

Updated August 23, 2011
"Fed Chairman Ben S. Bernanke’s unprecedented effort to keep the economy from plunging into depression included lending banks and other companies as much as $1.2 trillion of public money, about the same amount U.S. homeowners currently owe on 6.5 million delinquent and foreclosed mortgages. The largest borrower, Morgan Stanley, got as much as $107.3 billion, while Citigroup took $99.5 billion and Bank of America $91.4 billion, according to a Bloomberg News compilation of data obtained through Freedom of Information Act requests, months of litigation and an act of Congress." Bloomberg, August 22, 2011
Our civil legal system is set up so those who are harmed by someones actions can gain retribution from those who caused harm. Many homeowners have lost money and endured significant hardship as a result of the actions of wall street, Banks, regulators and rating agencies.

Why are they not required to pay retribution to those who were injured? Why are no class action suits being filed by the injured parties?

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