Why it was just last week BofA was squawking about how error-free their foreclosure process was, no problems here, thanks for asking.
Now that they’ve deigned to actually examine their foreclosures, they now say, oopsie, pesky bookkeeping errors were happening all over the danged place. Well, it must be bookkeeping errors because otherwise suspicious types might instead say it could be fraud by criminals disguised as bankers.
Among those suspicious types are the battalion of lawyers about to wallpaper the banksters with class action suits.
The federal government, not to be left behind, is galloping backwards on their horses to the rescue and no doubt will arrive at the wrong location with the wrong plan, far too late. You think I’m exaggerating?
“We are looking intensively at the firms’ policies, procedures and internal controls related to foreclosures and seeking to determine whether systematic weaknesses are leading to improper foreclosures,” Bernanke said. “We take violations of proper procedures seriously.”
Wow, that’s really taking command of the situation with bold decisive leadership, isn’t it? Federal regulators say they will have a report by next month, which will no doubt call for more careful and ponderous study before they try to bury the whole thing and then steadfastly do nothing. Meanwhile, a bunch of bloggers have already assembled all the proof the government needs to act. That massive fraud occurred is not in doubt, except for the always ready to accommodate the banksters Federal Reserve.
Bill Black , An actual regulator, in the sense that he actually regulated, (quaint concept that, isn’t it, regulators that regulate, Bernanke should try it sometime) has called for the resignation of Bernanke, Geithner, and Holder. Black was a regulator during the S&L crisis, and helped put hundreds of bankers in prison (there’s another quaint concept, criminal prosecution of bankers for crimes committed rather than getting Get Out of Jail cards from the feds) and devised the concept of control fraud, whereby a few at the top of corporations and countries deliberately loot the entity. Which of course is precisely what’s happening now.