Hidden Hills, CA (Vocus/PRWEB) February 01, 2011

The recent report by the federal commission on the economic crisis clearly demonstrates how government is allowing banks to evade duty for the crisis and helping banks far more than citizens, according to Mitchell J. Stein, Esq., of MJS Associates.

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“As an alternative of serving the interests of the people, this commission and its meaningless report have completed absolutely nothing far more than serve the banks and institutions like Fannie Mae and Freddie Mac that are responsible for producing the issue:, stated Mitchell J. Stein, Esq., a 25-year award-winning litigator, trial lawyer, financier, and entrepreneur who has represented numerous of the worlds largest companies and has been involved in some of the highest profile circumstances in the Nations history.

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Rather than supply the bipartisan view of the origins of the monetary crisis mandated by Congress, the panel split along partisan lines and released three competing assessments. The report was released simultaneously with two dissenting reports from the Republican minority. The majority report blamed a range of culprits for the economic crisis from overextended home owners to reckless executives and timid regulators, the minority reports on international variables and government intervention into the housing marketplace.

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According to Mitchell J. Stein, Esq., the majority reports conclusions had been vague and meaningless, including findings that human beings, not other elements like nature or technology, have been accountable for the crisis, action and inaction by these human beings was the lead to of the crisis and that the crisis could have been avoided.

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This report is a flimsy attempt by Washington insiders and bankers to keep away from blame and evade duty for the mess they have produced, stated Mitchell J. Stein, Esq. The majority reports conclusions are meaningless and utterly useless.

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The report includes particulars from more than 700 interviews conducted during an 18-month investigation seeking to clarify the housing bubble that ended badly, triggering a international credit crisis and the worst recession in decades. Media coverage integrated details about the interviews, including those with leaders of investment bank Goldman Sachs Group Inc., government regulators, particularly present and former officials at the Federal Reserve, and executives such as former Countrywide Financial Corp. Chief Executive Angelo R. Mozilo, who final year agreed to spend a record $ 22.five-million fine to settle a government fraud lawsuit over the lender’s near-collapse. Coverage of the report in the Los Angeles Occasions also indicated that Mozilo told the panel he got swept up in a “gold rush” mentality that had taken over the nation.

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It is outrageous that the Commissioners permitted Mr. Mozilo to pass the blame onto citizens without having clearly identifying the leading injurious role he and Countrywide played in damaging our economy and hurting millions of home owners, mentioned Mitchell J. Stein, Esq.

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According to the Los Angeles Instances, the majority report concluded that “a crisis of this magnitude can’t be the function of a handful of bad actors” and ascribed duty to each organizations and people in company and the government.

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We agree with the minority reports that blame ought to be focused on intervention in the housing industry including assistance for Fannie Mae and Freddie Mac and that this report was part of a partisan approach created to make predetermined final results, so its conclusions are inconsequential said Mitchell J. Stein, Esq. It is ironic that soon after all the pain inflicted on our citizens by the economic meltdown, this commission’s investigation and report is just yet another instance of Washington waste.

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According to Mitchell J. Stein, Esq., there is constantly a silver lining to the black cloud. “For a lot more than two years for the duration of this meltdown, my mantra has been distinct that I by no means expected the federal government to take duty. I in no way anticipated the banks to take responsibility, although I need to admit after the government doled out the first trillion dollars of TARP funds I believed — if only for a second — that aid was on the way. Then I woke up from my a single-second dream into the nightmare of dealing with criminals, liars and persons forging documents. Having represented these very same banks and their governmental partners for years, I was and am unwilling to enable my customers to turn out to be an additional statistical imbecile who goes by way of the Bank drill of submitting economic info to the bank and then resubmitting it and then resubmitting it and then resubmitting it and then resubmitting it. I have never ever carried out, and nor shall I now do, ‘loan modifications’ simply because that is a term created up by banks to get time until the wave of public sentiment against banks has subsided. So what is the very good news, asked the Doberman? Nicely get ’em in Court,” stated Mitchell J. Stein, Esq.

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ABOUT MITCHELL J. STEIN &amp ASSOCIATES&#13

Mitchell J. Stein &amp Associates is a California-primarily based law firm founded by M.J. Stein, Esq. a 25-year award-winning litigator, trial lawyer, financier, and entrepreneur who has represented a lot of of the worlds biggest companies and has been involved in some of the highest profile situations in the Nations history. The Firms philosophy is primarily based on the belief that their clientele demands are of the utmost importance and, as a outcome, a higher percentage of the Firms business has been from repeat consumers and referrals. The Firms practice areas include Complex Litigation, Bank Problems, Mergers &amp Acquisitions, Industrial and Residential Foreclosures , and Bankruptcy Litigation. Mr. Stein is also the founder of VIPS Foundation (Victims of Injustice Discomfort and Suffering), via which victims nationwide, over the final 15-years, have received help following unfortunate events that subjected them to oppression or mistreatment. In that regard, Mr. Stein received the inaugural Mitchell J. Stein Benefactor Award from the National Organization for Victims Assistance (NOVA) for his perform in guarding victims rights. Go to http://www.mjsteinassociates.com or http://www.dobielaw.org for a lot more info.

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