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Better late than never


Elizabeth Warren:

No one has missed the headlines: Haphazard and possibly illegal practices at mortgage-servicing companies have called into question home foreclosures across the nation.

The latest disclosures are deeply troubling, but they should not come as a big surprise. For years, both individual homeowners and consumer advocates sounded alarms that foreclosure processes were riddled with problems.

While federal and state investigators are still examining exactly what has gone wrong and why, two things are clear.

First, several financial services companies have already admitted that they used “robo-signers,” false declarations, and other workarounds to cut corners, creating a legal nightmare that will waste time and money that could have been better spent to help this economy recover. Mortgage lenders will spend millions of dollars retracing their steps, often with the same result that families who cannot pay will lose their homes.

Second, this mess might well have been avoided if the Consumer Financial Protection Bureau had been in place just a few years ago.

CNBC:

U.S. home foreclosures jumped in the third quarter and banks’ efforts to keep borrowers in their homes dropped as the housing market continues to struggle, U.S. bank regulators said on Wednesday.

The regulators said one reason for the increase in foreclosures is that banks have “exhausted” options for keeping many delinquent borrowers in their homes through programs such as loan modifications.

Over at TalkLeft Big Tent Democrat says that people are figuring out that HAMP is a SCAM.

Remember Hillary’s HOLC plan?

If we do not take action to address the crisis facing borrowers, we’ll never solve the crisis facing lenders. These problems go hand in hand. And if we are going to take on the mortgage debt of storied Wall Street giants, we ought to extend the same help to struggling, middle-class families.

The next time some Kool-aid swilling Obot troll claims “Hillary would have done exactly the same” swat him with HOLC.


31 Responses

  1. Bailed-Out Banks Slip Toward Failure

    Nearly 100 U.S. banks that got bailout funds from the federal government show signs they are in jeopardy of failing.

    The total, based on an analysis of third-quarter financial results by The Wall Street Journal, is up from 86 in the second quarter, reflecting eroding capital levels, a pileup of bad loans and warnings from regulators. The 98 banks in shaky condition got more than $4.2 billion in infusions from the Treasury Department under the Troubled Asset Relief Program.

    That was money well-spent. Good thing we didn’t waste it on something stupid like HOLC

    • But, but, but Obama knows what he’s doing. You’re just not smart enough to follow his 11-Dim chess.

      Or my favorite new meme, let’s not dwell in the past, you know, so we can forget it and nominate Obama again!! Whoo hoo!!

    • Sewers of Chicago, sewers of Wall Street, Obama is at home.

  2. Who said it?

    We should encourage Treasury to study the option of buying individual mortgages like we did successfully in the 1930’s.

  3. Honk, honk, honk!!

  4. Business Insider:

    GARY SHILLING: And Now House Prices Will Now Drop Another 20%

    Only 20%?

    I feel so much better now.

    • hey, maybe one day if prices fall far enough I can afford a house. It’s all good for me and that’s all that matters.

      /snark

      • Reminds me of the car dealer ad:

        “We lose money on every car we sell. But we make it up in volume!!!”

  5. Hope the Obama’s are able to pay their note on the Hyde Park mansion. Seems they may be underwater in their mortgage.

  6. Elizabeth Warren for President

    Another smart brave women, if Hillary won’t run and I think she is too loyal to the party to do it, somebody has to. I have always said the first female president will be republican. I have been saying it for 30 years. I just keep hoping I am wrong.

  7. “Kool-aid swilling Obot troll”

    Sorry, but I’ve got to refer that to The Department of Redundancy Department.

  8. My http://www.swarmthebanks.com blog has an Obama article on it. I try and limit the Obama stuff on there but he seems to be in the middle of it and http://www.parallelforeclosure.com as well.

  9. myiq2xu, just read your post WikiLeaks vs. The Pentagon Papers good work.

  10. OT, But anybody see this horsecrap? Danny Davis, former Clinton ally & Carol Mosely Braun, a former ambassador to New Zealand under Clinton, both of whom are now candidates for mayor in Chicago, basically threatening Bill that he will be called a r@cist again if he campaings for Rahm. Unbelievable! With friends like this, the Clintons don’t need enemies. There is a special circle in hell for ungrateful mofos like this two. Braun’s unbelievable statement:

    “Bill Clinton is an outsider parachuting in to support another outsider. Rahm’s residency status continues to be challenged in court. It’s not yet clear that he will be on the ballot. At the same time former president Clinton risks his legacy and the great respect that he has enjoyed among African Americans by coming to Chicago to endorse Rahm Emanuel who is running for mayor against two black candidates.

    “Clinton should remember New Hampshire where he called Barack Obama’s opposition to the war in Iraq ‘a fairy tale.’ He was wrong.

    “Clinton should remember South Carolina where he played the r@ce card painting Obama as “the black candidate”. Again he was wrong. Bill Clinton will be wrong again if he gets involved in the Chicago mayoral contest. He should stay home and avoid the cold.”

    Full article here:

    http://politicalticker.blogs.cnn.com/2010/12/29/dem-warns-bill-clinton-back-off/#more-141181

    • Davis and Braun are typical Democrats, back stabbers.

      • And for the record, Clinton’s statement about the “fairytale” was totally true. They are backstabbers.

        • Backstabbers is too nice a word for these mofos. Where would either one of these sewer rats be without the Clintons? Ungrateful, backstabbing mofos who deserve karma to kick them hard in the a$$. I mean out on the street, no job, no friends, no money, no prospects hard.

    • So why IS Bill supporting Rahm?

      • Rahm worked for him for 5 years.

        Bill is very loyal to his friends.

        • I think more to it than that. Me suspects typical threats and intimidation from the One and his thugs. Bill’s loyalty stops at the doorsteps of O’s chief thug…IMHO. Maybe Rahm gave up some dirt on The One in exchange for support. Who knows? I would love to be a fly on the wall when Bill and Hill start talking about O’Precious.

  11. So, Wall Street bought bad paper and we bailed them out. Now the houses all that bad paper was written on are being foreclosed.

    Wall Street gets our money and those houses too?

    Gee thanks, Barry.

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