Tuesday, October 19, 2010

Banks throw up test flare with foreclosure halt

We have seen the strategic move by the banks to halt foreclosures for one week.  The did it under the umbrella of doing the right thing, reviewing documents and signatures in order to follow the law. 
The reality is that it was nothing more than a test run to see how much out cry would come from politicians, the white house, and the public. 

The banks wanted to know if they could get away with bending the laws or even disregarding it all together.  It evidently appears that the White House and the politicians have become more interested in speeding through the real estate disaster rather than protecting homeowners against fraudulent practices of the banking industry. 

It will not be a major surprise to see the banks calling for more government backing or bailouts after the elections when they know the politicians will be less concerned with the what voters would think about being manipulated by the major banks one more time.  We are in the middle of the greatest manipulation of the economy ever and the banks have strong arm the government to its knees.  The politicians nor the President has any intention of holding the banks to the law.  That horse left the barn a long time ago. 

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