Bailouts weren’t enough – now the banks have to be protected against their illegal actions regarding foreclosures. From Business Insider:
The hottest story right now in the banking industry is foreclosure-gate, as various firms like Bank of America, JPMorgan, and GMAC have halted foreclosures upon realizing that the paperwork behind them has been shoddy at best.
The fallout — which has already invited investigations from state AGs — could throw a major wrench into what’s already been a costly, tedious, and economically damaging process.
Seemingly out of nowhere, the Senate passed a bill that could get the banks out of this mess…
It looks as though the banks, faced with massive numbers of foreclosures, played fast and loose with State and federal regulations on foreclosure processing. This has thrown in to question the legality of all foreclosures. The banks face risks of lawsuits forcing them to return foreclosed homes to previous borrowers, as well as possible criminal sanctions under various State laws – and this doesn’t get in to the fact of what to do for the people who bought foreclosed homes but may not have full legal title to the property. Its a huge mess and it is the direct result of financial industry incompetence.
And, liberals, your Democrats have slipped through a bill to get the banks off the hook. How do you feel about that? Where is your grand progressivism, now? I mean, we conservatives don’t like this – we know that foreclosures must happen, but we are also insistent that the relevant laws and regulations be observed. Why is your side working to provide what amounts to unfair advantage to one of the two sides?
Because it does work out like that – if Obama signs this bill, then it will essentially mean that a bank can do as it pleases regarding foreclosure. The people will have little recourse, because they won’t have the money to take the banks to court, while the banks will feel that they are protected against sanction by law enforcement. This law is a direct assertion of the power of big corporations over the lives of regular folks.
Is this hope, or is this change?
Blogs For Victory 