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Petition to support Sheila Bair

"Sheila Bair, the head of the FDIC, and other federal regulators are pushing to get mortgage servicing standards written into risk retention guidelines set to be released in the near future. However, this effort is meeting resistance from the Federal Reserve and the Office of the Comptroller of the Currency."

"And it's not just her. There's an open letter from Wall Street reformers to regulators urging them to take this action. Congressman Brad Miller, who has been doggedly opposing predatory lending since 2004, penned a letter to the regulators in support of this move as well."

This is from the petition site, for those who are interested.

http://act.credoaction.com/campaign/rein...

Regarding the letter from Wall Street Reformers to Federal Regulators:

"Citing an urgent need to address questionable mortgage and foreclosure practices that have helped stall the broader economic recovery, a group of economists, analysts and financiers has signed a letter to Federal regulators, calling on them to develop national standards governing the mortgage process."

You can read it, and about it at: http://www.huffingtonpost.com/2010/12/21...

From what I have been reading generally, a number of economists have been saying that the foreclosure crisis is a big factor in the stalled economy. It is a problem that has been created by the banks, not by families! It turns out that the mortgage servicers, which are often owned by the big banks, are behind the foreclosure crisis. (The banks themselves are, on the other end, behind the securities problem of mortgage backed securities with nothing backing them.) The mortgage servicers have not been subject to any regulation thus far. I imagine a big reason for that is that the whole mortgage process is now being carried out in a way it was not done previously.

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