President Obama Targets Mortgage Securitization Abuses
President Obama announced a new task force during Tuesday's State of the Union address focusing on Mortgage Origination and Securitization Abuses. The unit will be co-chaired by New York Attorney General Eric Schneiderman and will focus on investigating the financial institutions responsible for the housing collapse.
In the address Obama asked that federal prosecutors and Attorney's General work together to expand the investigation.
I bet some people start losing sleep
“This new unit will hold accountable those who broke the law, speed assistance to homeowners and help turn the page on an era of recklessness that hurt so many Americans,” Obama said.
In theory, this group will determine who broke the law, compensate victims and provide relief to homeowners. while I remain skeptical about the about the ability to provide adequate compensation and relief to those harmed, I am encouraged that this is not being forgotten and wrongdoers could face consequences for their actions.
Surviving The American Dream
If you are not aware of the fraud and abuse of the housing market, check out my post at http://www.sacramentobill.com/0-home-page/2012/01/surviving-the-american-dream-is-it-ok-to-walk-away/
Sacramento housing has been extremely hard hit and local residents have suffered as much or more as any around the country. What has been missing is any apparent interest by Washington to identify and address any wrongdoing. That appears to be changing.
This initiative is one that deserves our attention and support.