October 14, 2010
WASHINGTON, DC— U.S. Sens. Sherrod Brown (D-OH), Tom Harkin (D-IA), Barbara Boxer (D-CA), Debbie Stabenow (D-MI), Sheldon Whitehouse (D-RI) and Mark Begich (D-AK) today sent a letter to Obama Administration officials, including Treasury Secretary Tim Geithner and Fed Chairman Ben Bernanke, urging action following recent news reports of widespread improprieties and mistakes in the foreclosure processes employed by mortgage servicers.
“There have been attempts to dismiss the reported violations as minor technical paperwork errors, and to employ the defense that these were harmless errors because the homeowners were in foreclosure and would have lost their houses anyway. These are not technicalities, they are not isolated cases – it is likely that over 200,000 foreclosures have now been suspended – and these improprieties cast doubt on the foreclosures in question,” the senators wrote.
“The systemic problems that are being uncovered in the current mortgage market are remarkably similar to the predatory practices employed during the subprime mortgage crisis,” the senators continued. “Your agencies have tools at your disposal to address the substantial challenges facing homeowners in the mortgage market, and you are able to respond more nimbly than Congress to this emerging crisis. The ample record of homeowner abuse should compel you to act expeditiously in the best interest of homeowners and investors.”
Time for jail terms.
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12 comments:
the malfeasance is staggering.
Thunder, are you suggesting that the free market cannot police itself?
with free-market police.
Even though the effects on the American economy in general and the employment situation in specific are liable to be negative, I have to admit I'm kind of enjoying this. I have to assume there's a fair amount of nervous sleeplessness throughout the MBS ecosystem. Even though the bankers will probably win again, with federal funds and guarantees as 'necessary' and zero accountability, they just can't be sure of that right now, just as even they don't know who's gonna end up holding WHAT. Hee hee.
It also amuses me that it's a bit of a lottery. Sure looks like there's going to be some homeowners who won't have to pay their mortgages and can't be evicted because the required documentation won't every be located. That's gonna really annoy bankers and teabaggers alike, like cheap wool underpants, and that's pretty nice too....
Hard for me to see how this DOESN'T end up without nationalizing some damn banks.
Oh yeah, I forgot: DEMOCRATS. That's how.
Ignore those extra negatives there. I'm feeling extra-negative these days.
You know what I mean. I don't think, perhaps.
Thunder, are you suggesting that the free market cannot police itself?
I think power tends to corrupt, and absolute power corrupts absolutely.
The plutocrats and their corporations have what is uncomfortably close to absolute power in this country.
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Thunder is like Whitey Bulger, turning over the competition to the feds...
Jail terms link is fixed.
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The Youngest Lamblet's class gets to suggest words for their spelling list. I thought oligarchy would make a nice one.
Plutocracy would be a helpful suggestion as well, Jennifer.
Plutocracy is rule by the wealthy, or power provided by wealth. The combination of both plutocracy and oligarchy is called plutarchy.
Before the equal voting rights movement managed to end it in the early 20th century, many countries used a system where rich persons had more votes than poor. A factory owner may for instance have had 2000 votes while a worker had one, or if they were very poor no right to vote at all. Even artificial persons such as companies had voting rights. In the US, it would take until 1945 before persons living on welfare and persons in personal bankruptcy would get voting rights.
The teabaggers object, of course. Bow down to your Robber Baron betters, and such as. For great justice.
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Thanks for that. I always thought 'Plutocracy' was rule by secondary Disney Characters.
Hey! Should we be suspicious that the Plutocracy decided Pluto isn't actually a planet after all? What are they trying to hide here.
In the end, it's not the crime. It's always the cover up...
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