Wednesday, October 20, 2010

Obama Admin to Struggling Homeowners: Just Give Up

As I suspected, the Obama administration sides with the TBTF bankers in the "foreclosuregate" (or "fraudclosure").

Move along, nothing to see here. Rule of law? What a quaint idea! Just hand over your house to the bank!

From AP:

WASHINGTON (AP) -- President Barack Obama's top housing official says lenders are within their rights to resume foreclosures this month despite allegations that they erred in processing documents.

"Two big lenders -- Bank of America Corp. and Ally Financial Inc.'s GMAC Mortgage unit -- are resuming foreclosures after halting them for two weeks. The companies say they're fixing problems in legal documents used to complete foreclosures.

"Whether to restart foreclosures is a decision every lender is entitled to make independently, says Housing and Urban Development Secretary Shaun Donovan.

"We're committed to forcing institutions to change the way they conduct business," Donovan says. "We will force the changes to make sure that these types of problems don't happen again."

"These types of problems"?? Does he even know WHAT these problems are?

Sorry, Karl, it's not going to happen. The President of the United States seems very comfortable being in the deep pocket of the TBTF bankers.


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