CBS News/Kelly Cobiella: Foreclosed, abandoned or neglected properties are safety hazards, not just a drag on property values.
Elizabeth Duke, a governor of the Federal Reserve Bank, said improper foreclosure procedures by major banks could cause some people to lose their homes unjustly and ultimately impose huge costs on banks. In testimony to a House Financial Services subcommittee (Thursday 11/18), Duke said the revelations could breed mistrust.
Excuse me, Ms Duke. Can you smell the 800 pound gorilla yet?
In the confidence game of finance it's all about trust... Or the "tricks and traps" that (consumer financial protection architect) Elizabeth Warren cites as integrated into big banking's business model.
In "All the Devils are Here," journalists Bethany McLean of Vanity Fair and Joe Nocera from the New York Times explore whether the blame game should target Wall Street, Main Street, or Pennsylvania Avenue? On greedy traders, misguided regulators, sleazy subprime lenders, cowardly legislators, or clueless home buyers? Or all the above.
In an excellent appearances with PBS' Charlie Rose, and on the Daily Show, they spoke of a whole industry built (over a generation) upon borrowing far more than could ever be repaid, but concluded the crisis (and Great Recession it caused) ultimately wasn't about finance at all; it was about human nature.
| The Daily Show With Jon Stewart | Mon - Thurs 11p / 10c | |||
| Bethany McLean & Joe Nocera | ||||
| ||||
The latest fallout is that foreclosure fraud class action suits are piling up against banks. Now looking to negotiate some kind of settlement, all 50 state Attorneys General have intervened to untangle questions of process, procedure and proof.
 | At Least In One Way United Audio Embed: CBS Radio's Osgood File 11/17/10. |
MSNBC: Fraudulent foreclosures could bring about an even bigger financial collapse. Last Word guest host Chris Hayes talked to an attorney who’s taking on the financial industry in court & winning.
MSNBC/Dylan Ratigan: It's the same old culprits behind the scams.
Earthquake, tsunami,
Home foreclosure is a heart-wrenching process. If you are a real estate investor, you've got to think of this as a business transaction. It's easy to get emotionally involved, although you are often in a position to help the person going through the home foreclosure process by helping them get out with a little cash and no black marks on their credit.
ReplyDeleteForeclosure procedures