The treasury seemed to be the first in the administration to try send out a test balloon before the public actually finds out the truth about the banks their part in "foreclosuregate". The Bush and Obama administrations, the banks and the main stream media have all had a hand in trying to hide the real causes of the housing meltdown. It seems like many people are getting a little nervous now thousands of fraudulent transactions have been put in the spotlight.
The full article can be found at this link:
http://www.nytimes.com/2010/10/28/business/28housing.html?_r=1&ref=todayspaper
--Revelations about paperwork shortcuts and so-called robo-signed affidavits, as well as the likelihood of protracted legal battles by homeowners and inquiries by state and federal officials, will hinder foreclosure proceedings and discourage prospective buyers, a Treasury Department official said.
“Together, these two factors may exert downward pressure on overall housing prices both in the short and long run,” said the official, Phyllis R. Caldwell, chief of the home ownership preservation office at the Treasury"---
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It is become more and more clear that they government and the banks were on a mission to change the rules to favor the financial institutions regardless of the law. It has been going on for a few years now. The banks have been in total control of policy since the Tarp. The banks set up a scenario that struck fear into congress, who were willing to do anything to keep the banks on their side or to buy votes.
The banks fooled them all into giving up billions of dollars that was supposed to save the world banking system and our country from the 2nd great depression. All that really happened with the billions of dollars was to keep the banks functioning. It actually took a few accounting tricks, billions of dollars and the media unwilling to out the banks, to give the an appearance of solvency for the financial institutions.
There is still little direct talk of holding the banks accountable for the mess they have created and now added to by their lack of honesty. They all wanted to push the foreclosures through as quickly as they could and try to get housing values back up. They seemed to think that it was ok to break the law as long as it would turn the economy around. It might have been true if they hadn't created a system that was destined to collapse.
Maybe the too big to fail banks will be held accountable for their behavior now that people are seeing the gravity of the situation.
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