HBO Series - Too Big To Fail - TARP'S Role in the Foreclosure Crisis
HBO has been airing a made for HBO movie entitled “Too Big to Fail”. The film has an A list cast and was written by Andrew Sorkin. The story line revolves around the failure of Lehman Brothers and the bailout of AIG.
The film details the history and ultimate failure of “default swaps” and the carving up and repackaging of mortgage bundles. The government stepped in. The Treasury Department and the Chief of the Fed orchestrated a deal with the major banks to accept TARP funding to perpetuate increased consumer credit. However, the government had no way to ensure the banks would use the funds in the way they were intended.
Sadly, the banks did not use the funds as envisioned and instead ramped up their legal coffers to begin a huge onslaught of foreclosures. Now, several years later, we are all feeling the impact of this ill fated idea. The courts are clogged, unethical law firms are employing robo-signers to perpetuate bad documents and fraudulent Florida Foreclosure filings.
As a Florida Foreclosure Defense Law Firm, we see the magnitude of the situation in the courts firsthand. Earlier this year, a large Florida foreclosure mill law firms collapsed leaving some nine thousand Foreclosure cases in limbo and another was foreclosure mill fined a million dollars by the Attorney General’s office for filing bogus paperwork. We are still trying to dig out from underneath the fall out of TARP and our flagging economy continues to struggle. Once again, Wall Street greed has taken advantage of the American people and we are all paying for their self serving scams.
Please take the time to watch this excellent production and reflect on the impact of these tough times on all of our lives.
Click on the following links to read more on "Too Big To Fail - HBO Movie"
The political drama, based on Andrew Ross Sorkin's best-selling book -TheHollywoodReporter.com
Too Big to Fail,” the Movie: 4 Things We Learned. - WSJ.com
'Too Big to Fail' – real story's not over - CSMonitor.com
Brian F. LaBovick, Esq.
Esther Uria LaBovick, Esq.
Mark R. Hanson, Esq.
Joseph R. Fields Jr., Esq.
Marcie Dodson, J.D.