Finally, A Bank Stands Up To Obama's Shakedown

[Geee]

Investors Business Daily:

Extortion: After 16 banks caved in to White House demands to refund billions in losses to Fannie Mae and Freddie Mac, one outlier remains unrepentant. Nomura Holdings refuses to succumb to the political shakedown.

 

The Japanese bank's U.S. unit won't give in to the extortionist regulators protecting Fannie and Freddie who claim it hoodwinked the toxic twins into buying pools of subprime mortgages, like it claimed Bank of America, JPMorgan and other U.S. banks did in the run-up to the mortgage crisis.

 

The government demands $1 billion in damages. Nomura says it won't give a dime toward the $18 billion ransom the feds already have shaken out of other banks who settled with the Federal Housing Finance Agency. Instead, it will make government prove it in court.

 

In opening arguments this week, the defendants argued Fannie and Freddie bought the mortgages knowing they were subprime and did so to meet "affordable housing" quotas of their political masters at HUD.

 

Unfortunately for Nomura, the game is rigged. The federal judge hearing the case — Clinton appointee Denise Cote — is a ringer for the administration.

 

In recent filings, Cote has shown extreme prejudice in her decisions — virtually all rendered against Nomura.