This has been a bad year for for the American homeowner and law enforcement. U.S. Attorney General Eric Holder recently appeared before the Senate Judiciary Committee and answered questions about the financial crisis and the response of the Justice Department. When asked why no big banks have been criminally prosecuted for their role in the mortgage crisis, Holder admitted what we have known for many years. America’s biggest banks are not only too big to fail, they are “too big to jail”.

His remarks come on the heals of similar remarks from the Comptroller of the Currency and the Securities and Exchange Commission.

In the Attorney General’s own words, “I am concerned that the size of some of these institutions becomes so large that it does become difficult for us to prosecute them when we are hit with indications that if we do prosecute — if we do bring a criminal charge — it will have a negative impact on the national economy, perhaps even the world economy. I think that is a function of the fact that some of these institutions have become too large.”

In our opinion, big banks have simply been given a “Get Out Of Jail Free” card. The same banks that received billions of dollars of TARP money – our hard earned tax dollars – are getting a free pass for their mismanagement, greed and waste.

Several states have a “3 strikes” law that permits a judge to send a thief to prison for life after just 3 thefts. These same laws don’t apply to our largest banks, however. Bank of America can wrongfully mismanage its HAMP loan modification program and put innocent homeowners on the street. The consequence? A fine.

Although only the Department of Justice can charge bank officers with federal crimes, the American jury system is alive and well and can still hit big banks in their wallets. Suits for wrongful foreclosure and other fraud actions can result in significant punitive damages.

About the author. Brian Mahany is an attorney and principal at Mahany & Ertl, a national boutique firm that specializes in suing banks and mortgage companies. His firm represents the whistleblower in the largest false claims act case in the United States against a lender, HUD’s $2.4 billion case against Allied Home Mortgage.

If you have been defrauded by a bank contact attorney Brian Mahany at or by telephone at (414) 704-6731 (direct). Mr. Mahany can also be contacted through his website,

The opinions in this post are solely those of the author. The author takes full responsibility for the content. Like all blog posts, this is offered for general information purposes and does not constitute legal advice.

This post was written by Stephen Hachey. Follow Stephen on Google, Facebook, Twitter & Linkedin.