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Monday, October 18, 2010

Republicans don't care about mortgage fraud

All 50 states' Attorney Generals have pledged a coordinated investigation into bank's foreclosure procedures. In Florida, foreclosure central at least 20% of foreclosures lacked the proper paperwork. That makes them fraudulent, there is no other way to describe them.

As the Washington Post wrote this weekend, “virtually everyone involved – loan servicers, law firms, document processing companies and others – made more money as they evicted more borrowers from their homes, creating a system that was vulnerable to error and difficult for homeowners to challenge.”

Many Democrats have called for a moratorium on foreclosures until this mess is sorted out. The Republicans have remained silent other than the occasional comment about people (ie homeowners) living up to their responsibilities. The legal requirements for banks and the people servicing the loans and processing the paperwork, not even worth mentioning it is so trivial, "a technicality" at best as they and Wall Street have described the problems.

Now that the GOP is looking at possibly controlling the House, the have announced their intentions. The banks will get a pass from them but government involvement in sponsoring home loans for poor people will definitely be in their cross hairs.

Thev US Chamber of Commerce are certainly going to get their money's worth from the Republicans and the banks will get even more latitude to screw everyone.

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