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Editor’s Comment: The real reason why the foreclosure reviews were terminated was not because of the expense, complexity or time it was taking to do them. The real reason was that the people close to the reviews were finding “error rates” that were 10 to 20 times the rate claimed by the banks. That is a euphemistic way of saying the foreclosures should never happened in at least 50% of the foreclosures that did happen. And now they are saying you can have $1,000 on average for your trouble instead of getting your house back or enough money to replace it.
The “problem” the OCC is addressing is that directive from the Obama administration to not kill the megabanks, issued on the information from those megabanks that killing them will kill the world economy. That is pure horse crap. And now books are coming out detailing how that the TBTF doctrine is both false and highly destructive to our economy, past, present and future.
If a bank is carrying assets that are really not worth anything, then those assets should not be included in the requirements for capital structure of that banks. They either need more money (which they have lying in the Cayman Islands) or they must fall apart, after being resolved by the FDIC.
We are left with an economy built on an illusion that creates the illusion of recovery until it busts again. And it will. As Zillow points out today, the apparent price increases remain out of line with income and are solely based upon low interest rates which will start to go up to normal levels at some point. Once that happens, people won’t be able to afford paying even on modest loans because they just don’t have the income or credit to enter into a transaction that is destined to fail.
The latest “settlements” involving billions of dollars of payments to homeowners who were wrongfully foreclosed, is a drop in the bucket for what the banks owe back to the American economy, investors who purchased bogus mortgage-backed bonds from unfunded and possibly nonexistent “trusts” whose “trustees” have nothing to do except collect their own fees.
Obama promised transparency and in some ways he fulfilled that promise. One notable exception is in banking and finance where the entire business is dependent upon big lies. The simple answer is that if someone’s house was foreclosed wrongfully they should either get the house back or compensation for the loss of the house based upon the figures used to induce the homeowner borrower to enter into the deal.
That means the banks should be stuck with the false appraisals now that we know they are false. And the banks should absorb the risk of loss now that we know there was no underwriting committee or procedures to verify the collateral, income of the borrower or viability of the loan.
If we start telling the truth, then the clawback of wealth for those thrown under the bus into poverty and those who have still managed to stay in the middle class will be a far superior method of providing stimulus to an economy that at this point relies upon the financial services sector to make up for almost 50% of the GDP we lost when we lost manufacturing and other outsource jobs abroad.
Small business will inevitably improve by leaps and bounds, hiring the bulk of the workers who are unemployed or those who have given up looking for work. Median income rises, with the ability to pay more on a higher mortgage increasing directly promotional to the increase in median income. The shortage of housing for sale is solely the result of foreclosures and underwater homeowners, which accounts for more than 25% of all homes that could be on the market and are not.
When you base your policy on a lie, then more lies must be told to prop up the original lie. And eventually, as we have repeatedly seen throughout history, the house of cards collapses — again and again. What we need is a mechanism to evaluate all foreclosures — past, present and future — and if the foreclosures are or would be wrongful, then they shouldn’t be done and the victims should be compensated.
OCC Releases Embarrassing List of Foreclosure Review Payouts on Eve of Senate Hearings
http://www.nakedcapitalism.com/2013/04/occ-releases-embarrassing-list-of-foreclosure-review-payouts-on-eve-of-senate-hearings.html
Scant Relief in Foreclosure Payouts
http://stream.wsj.com/story/markets/SS-2-5/SS-2-207702/
GAO Report on Foreclosure Reviews Misses How Regulators Conspired with Banks Against Homeowners
http://www.nakedcapitalism.com/2013/04/gao-report-on-foreclosure-reviews-misses-how-regulators-conspired-with-banks-against-homeowners.html
The Banks’ “Penalty” To Put Robosigning Behind Them: $300 Per Person
http://www.zerohedge.com/news/2013-04-09/banks-penalty-put-robosigning-behind-them-300-person
Regulators: 4.2 million foreclosure settlement checks to be mailed
http://www.housingwire.com/news/2013/04/09/regulators-42-million-foreclosure-settlement-checks-be-mailed
Independent Foreclosure Review: 1,135 Borrowers to Receive Max $125,000 Payment in Fraudclosure Settlement
http://4closurefraud.org/2013/04/09/independent-foreclosure-review-1135-borrowers-to-receive-max-125000-payment-in-fraudclosure-settlement/
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