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Top of the morning

Post on January 7, 2013 by 3 Comments »

sun145In case you needed another one, here’s your Monday morning reason to be a little cynical about things in Washington. It comes from Sunday’s column by Gretchen Morgenson in the New York Times. The whole piece is worth your time, but the first paragraph sums things up.

If you were hoping that things might be different in 2013 — you know, that bankers would be held responsible for bad behavior or that the government might actually assist troubled homeowners — you can forget it. A settlement reportedly in the works with big banks will soon end a review into foreclosure abuses, and it means more of the same: no accountability for financial institutions and little help for borrowers

The more things change…..

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Comments (Closed):3

  1. Frank Burns
    January 7, 2013 at 8:56 am

    There are some reporting shortfalls with the NY Times article. What did the taxpayer get for bailing out the bank? Was it a bad idea to bail out the banks? There was no mention of the role that poor government decisions and policies had on this fiasco. What exactly was the bad behavior of the banks that was mentioned in the article? Was it that they made loans to people who had no business borrowing in the first place? Wasn’t that exactly what the Dems in Congress was trying to do?

  2. Chris Patrick
    January 7, 2013 at 10:41 am

    The article isn’t about the bank bailout or what created the housing market bubble. It is about the foreclosure process abuses that occurred after the bubble burst “in 2009 and 2010″ in which “bank practices, such as levying excessive and improper fees or foreclosing when a borrower was undergoing a loan modification. Some 4.4 million borrowers journeyed through the foreclosure maze during the period.”

  3. david esmay
    January 8, 2013 at 7:23 pm

    Chris, it’s impossible for Frank to stay on topic, he can’t hold back the crazy.