BANKS ORDERED TO GIVE AWAY HOUSES WITH QUESTIONABLE FORECLOSURES
Now that would be something, right? Could you imagine?!?! I bet they'd get their you-know-what straight if a new law made them give a house to everyone they foreclosed on with not-so-diligent practices and procedures!
I am in no way suggesting such a law. That would be insane! But it does help clarify the need to enforce laws on these big institutions. The way the banks are acting reminds me of an old Steven Seagal movie from the 80's called "Above the Law". The movie had nothing to do with this subject matter, but the lenders do act like they are Above the Law!
Now some federal lawmakers, headed by Nancy Pelosi, have decided that "it is time that banks are held accountable for their practices." Read the story here...
But what is the government actually gonna do about it? In the above story, Texas Attorney General Greg Abbott suggests that "they stop foreclosures, evictions and the sale of foreclosed properties until they could provide assurances that they were proceeding legally."
Soooooo.... What exactly are the assurances ? Do the banks say "Um, hey guys- we fixed our problem with this foreclosure stuff- we promise!"
I do not have an idea of what needs to happen here, but what scares me is I don't think our political or business leaders do either! What's your take on this ? And what should be done?
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