by Susanne Posel
January 8, 2013

from OccupyCorporatism Website








The Office of the Comptroller of Currency (OCC) and the Federal Reserve Bank (FED) have announced that mega-banks such as,

  • Wells Fargo

  • Bank of America (BoA)

  • JPMorgan & Chase Co.,

...have agreed to pay $8.5 billion in a settlement promoted by federal complaints that these institutions wrongfully foreclosed on customers.


These banks mishandled paperwork and neglected requirements during the foreclosure process.


Other banks involved in the agreement are:

  • Citigroup

  • MetLife

  • PNC Financial Services

  • SunTrust

  • US Bank

  • Sovereign

  • GMAC Mortgage

  • HSBC Finance Group

  • EMC Mortgage Corp

The billions are being paid to homeowners who have “suffered” harm.


Although actual compensation is not being offered, the banks hope that this money will satiate the masses.


According to the agreement 3.8 million Americans who were foreclosed on between 2009-2010 will receive an average of $2,237.00, while another $5.2 billion will be made available to compensate for loan modifications.


Thomas Curry, Comptroller of the Currency, stated that the 2011 order produced this deal that ensures,

“consumers are the ones who will benefit, and that they will benefit more quickly and in a more direct manner.”

The agreement is also another “get out of jail free card” that caps the bank’s compensation obligations to homeowners that were financially damaged by the mortgage-backed securities debacle created by the banks themselves.


By admitting to foreclosure abuse, the mega-banks have agreed to a minor amount of financial penalties that will resonate well with the American public.

BoA has agreed to $10.3 billion between their bank and Fannie Mae, the mortgage corporation owned by the federal government.


The appearance that the banks are willing to settle their debts to the homeowners in the US is causing a stir and providing the much needed positive press while policymakers prepare to redefine the parameters of the mortgage market.


The industry will consolidate in an effort to give lenders more confidence while causing fewer technocrats to actually control the future of American property owners.


The Countrywide acquisition has become a sore spot to BoA and the settlement is evidence of this. The misrepresentation of the quality of the loans and securities has resulted in a case being filed against BoA CIFG Assurance of North America, Inc.


The settlement devised by the OCC and the Federal Reserve has prevented Congress from reviewing the Independent Foreclosure Review process which came to the amount agreed upon in the settlement. The Federal Reserve and OCC also decided who would benefit from the settlement and how much they would be compensated.


This agreement was rushed into fruition as if the Federal Reserve and OCC had pressure to come to a determination.


In the end, the agreement allows the banks to “sweep under the rug” their involvement in the mortgage-backed securities fraud and illegal foreclosures by their outline of who was victimized and how they would be dealt with.


The Bank of International Settlements (BIS) and the Basel Committee on Banking Supervisors (BCBS) has applied the underlying pressure on US banks to liquidate to appease global markets. The American taxpayer is picking up the tab for this turn of events. BIS is giving these banks until 2019 to comply with their new rules.


Capital to prop up the banks will be needed while they liquidate assets such as bonds, mortgages, loans and stock shares.


Consequences of the liquidation have been evidenced in governmental austerity and movement toward sovereign debt by the technocrats. Any asset assessed by BIS can and is being used as collateral of the banksters in an anything goes temperament while the squandering of wealth continues.


BIS has used the scheme of forcing capital from the banks to control the measures taken globally. International banking constraints mandated in these new rules are putting more control into the hands of “shadow banks” where supervision is unheard of.


Michel Barnier, commissioner of BIS, stated that the Basel Committee has,

“revised liquidity coverage ratio and the gradual approach for its phasing-in by clearly defined dates. This is significant progress which addresses issues already raised by the European Commission.


We now need to make full use of the observation period, and learn from the reports that the European Banking Authority will prepare on the results of the observation period, before formally implementing in 2015 the liquidity coverage ratio under EU law in line with the Basel standards.”

Liquidity is seen by the technocrats as a necessity for,

“the stability of banks as well as for their role in supporting wider economic recovery.”

At a time when the introduction of a global currency to replace all fiat across the globe is at hand, it makes perfect sense that the technocrats are positioning themselves to control the central banks as offshoot branches of their operation.


At the head of this monster, the BIS sets the tone and directs the banksters with limitations and orders. The European Central Bank (ECB) is setting the stage of a complete financial collapse of fiat currencies across the globe.


Joining in the scheme are other technocratic institutions such as,

  • the Federal Reserve

  • the Bank of Canada

  • the Bank of England

  • the Bank of Japan

  • the Swiss National Bank

Under the guise of preventing a system failure during the global financial crisis, there will be,

“an extension of the existing temporary US dollar liquidity swap arrangements until February 1, 2014.”

This action allows the central bankers to liquidate currencies under their jurisdiction “should market conditions so warrant.”


Under this plan, Euros backed by nothing can continue to pour into the system throughout the Eurozone “in addition to the existing liquidity-providing operations” in the US. This liquidation will take place “until further notice.”


The United Nations has proposed a complete overhaul in the report entitled, “Adapting the International Monetary System to Face 21st Century Challenges”.


They call for a,

“more intense debate on and reforms to the international monetary system imply that the current system is unable to respond appropriately and adequately to challenges that have appeared, or become more acute, in recent years.


This paper focuses on four such challenges: ensuring an orderly exit from global imbalances, facilitating more complementary adjustments between surplus and deficit countries without recessionary impacts, better supporting international trade by reducing currency volatility and better providing development and climate finance.


After describing them, it proposes reforms to enable the international monetary system to better respond to these challenges.”

They recommend movement toward a global currency that will replace all current currencies.


Revaluation will be accessed and the worth of money would redistribute with oversight of the IMF, WTO and ultimately the UN.