Attorney General Files Lawsuit Against 5 Big Banks !
Good news: there is one government official in the country willing to take action against the banks.
Bad news: Ms. Coakley has no real power to do anything meaningful or effective and her lawsuit misses the point. The banks will move only when under serious threat. That is when 10,000 or 10 million Average Joes individually stand up and sue the banks in quiet titles in which the burden of proof is on the bank to prove it’s lien. Pretty difficult when bailout banks were not the original lender, they hold notes payable to the order of someone else, they received 7.7 trillion in secret bailout funds and the fed is now the real (unsecured) creditor holding over 1 trillion in MBSs.
When someone like Ms. Coakley in the student council (government) goes after the principals office (the Fed) that will be an important event.