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ForeclosureGate: Bank of America’s Moynihan Begs Geithner to Give Him...

• NakedCapitalism.com/
 
So Moynihan is trying to imply that it is just the arbitrariness of certain states that is causing his bank grief, when it is the reverse: the states that have a decent proportion of judges that still take the rule of law seriously are where the foreclosure process is grinding to a halt. Even in Florida, with a bank-friendly judiciary, foreclosure filings by banks dropped like a stone in the wake of the robosigning scandal and have not resumed their former pace as banks have tried and not succeeded all that much in cleaning up their “paperwork” problems. Third, Moynihan is wasting his breath talking to Geithner. Geithner isn’t driving this bus. Remember, when the already-unwieldy 50 state AG effort came together, the Federal banking regulators decided they would get involved, as in coopt them. We noted early on the leader of the AG effort, Tom Miller, was way too cozy with Treasury and was rumored to be angling to become the head of the Consumer Financial Protection Bureau. But now that the Feds decided to rope in the states, they are stuck with this tar baby.

1 Comments in Response to

Comment by David Jackson
Entered on:

    As best I can tell, not much has changed since the "government" - read taxpayers - bailed out the criminal cartels that defrauded them in the first place. What we are seeing is that they didn't screw everyone they could...It's sort of  become a serial rape.

    Though it isn't probable that anyone could have stopped the blatant pillaging of the economy, more attentionshould have been paid when the thieves were given even more money to make up for the shortfall they experienced because they got caught.

   If there had been a legitimate 'bailout", it would have been in the form of the following: A) People would have been encouraged to pay only the interest on their mortgages. B) Those who could should have been allowed to refinance at a decent rate of interest. C) Every dime that was given to the thieving banks should have gone to the people who needed to pay down their debt, so that they ccould keep their homes and the banks would remain out of the foreclosure business - aactully receiving their money in the form of mortgage payments. [Since the purpose was to steal all they could and furhter fleece the taxpayers, nothing like this happened.

    If a bank steals from the public, it should go straight to hell, not get bailed out by the people it defrauded. (Do you really believe that the "government" has your best interest in mind?) 


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