and Sheila Bair, she gets it too. A good percentage of the fifty state's attorney generals get it.
Congress doesn't get it, and if Barack Obama or Joe Biden get it, they're not telling.
From FireDogLake earlier today, re. tonight's 60 Minutes "must see" on the banksters, fraudclosure, putting people on the street without proper paperwork and the cutting corners of the mortgage and banking industry in creating this mess over the past decade.
http://news.firedoglake.com/...
re. Sheila Bair's interview:
Banks so poorly handled documentation on millions of mortgages that many today cannot prove that they own the homes they want to foreclose on. The resulting rash of lawsuits from people seeking to save their homes has one of the government’s top banking regulators worried that the torrent of litigation will delay the real estate market’s recovery.
Federal Deposit Insurance Corporation Chair Sheila Bair tells Scott Pelley banks should be forced to contribute billions to a clean-up fund that will help stressed homeowners stay in their homes and stave off lawsuits – there are 30,000 already – that threaten the economic rebound [...]
Like last year, banks are expected to foreclose on a million mortgages this year, a scenario that could generate more lawsuits over mismanaged paperwork. “I think that this litigation could easily get out of control,” says Bair. “…We’re already feeling like we’re falling behind it,” She thinks a large clean-up pool funded by the banks that would pay homeowners to accept a bank’s ownership claim without a lawsuit is necessary. “I would assume it would be billions [that the fund would need],” Bair tells Pelley.
"The Hill" blog also comments on the interview tonight:
http://thehill.com/...
A top banking regulator believes banks may need to kick billions of dollars into a fund that would pay homeowners to settle ownership disputes that emerge during foreclosure proceedings over documentation issues.
Sheila Bair, the chair of the Federal Deposit Insurance Corporation (FDIC), told CBS' "60 Minutes" that such a fund might be necessary, as widespread documentation problems continue to emerge as banks struggle to handle a wave of foreclosures stemming from the subprime mortgage crisis.
Hopefully the full 60 minutes piece will be available for posting shortly.....
As pointed out in FireDogLake, any such "Superfund" would not necessarily replace the sought settlement by the 50 States for fraudulent behaviour by the banks, nor would it preclued homeowners from pursuing individual actions against the banks while seeking to maintain their homees or gaining modification of existing loans.... why anyone would choose to seek modification at this point escapes me, particularly if there is no clear title or paperwork trail.... this is getting uglier by the day, I heard one estimate of 5 years worth of housing inventory is sitting there unable to be sold or bought...as housing prices and home values of everyone drops further and further.....
Paging President Obama..... although there seems to be not much the Feds can do and these issues have to by necessity work their way through the judicial process....