Secretary of Housing Spanks Reckless Bankers Over Foreclosures

Written by

Patrick McCormick

10/17/2010

Here’s a good one for you suspicious students of politics and the things that “go bump in the night” or in the dark back rooms of Washington.

Our Housing Secretary said on Sunday "It's shameful that financial institutions may have made the housing crisis worse by improperly processing foreclosures.

Shaun Donovan, our Secretary of the U.S. Department of Housing and Urban Development, was quoted on the “Huffington Post” website that a comprehensive review of the foreclosure crisis was under way and that the administration would respond with "The full force of law where problems are found."

There have been allegations that banks failed to review foreclosure documents properly or submitted false statements when they foreclosed on properties.

Somebody’s joking, or “Stroking” someone. Where was the "Full force of the law" for those that sold millions of mortgages, like hot dogs, to people without jobs or who were otherwise unqualified to purchase them? Where was the "Full force of the law" on companies that bundled the worthless mortgages together and sold them to an unsuspecting world. I'll tell you where I think it was; "The full force of the law" was in the back room taking campaign contributions from the bankers and brokers that created the problem in the first place.

What a coincidence that right now, just before the election, this administration is taking an interest in this mess; "Oh, the poor cheated voters". Could it be another “Dog and pony show” for US citizens; "I think so".

If you doubt my intuition, or interpretation of these facts, keep track of this matter until after the election. Observe “The full force of the law” in action.

Article first published as Secretary of Housing Spanks Reckless Bankers Over Foreclosures on Technorati