Foreclosure Fraud Shows the Need to Take On the Special Interests
I was heartened to see a group of Democratic Senators write this great letter to Ben Bernanke and administration officials on the foreclosure fraud issue. They came out strongly for several important things regarding homeowners’ rights, and they framed the issue perfectly: this is not some minor technical problem regarding some mislaid paperwork in a few cases, this is fraud by bankers on a massive scale. Along with this letter, check out this great op-ed by Sen. Whitehouse on the subject. Once again, in keeping with the pattern Digby first reported, this is all Democrats doing the right thing, and not a single Republican lifting a finger to help. Another bit of great news: Elizabeth Warren echoed the Senators message, calling the foreclosure issue “big and serious”. This puts the administration clearly on the side of the idea that this problem isn’t just a minor paperwork hassle, and that it matters a lot.
A foreclosure nightmare (Sen. Sheldon Whitehouse)
By Sen. Sheldon Whitehouse (D-R.I.) – 10/13/10 11:04 AM ET
The Wall Street Journal’s projection this week that investment banks will pay out a record $144 billion in bonuses this season shows that Wall Street has recovered from the recession. The homeowners whose mortgages were securitized and used to fuel the Wall Street bubble, however, are not doing nearly as well. Foreclosures remain epidemic in harder-hit states like Florida, Nevada, and my home state of Rhode Island, and our economies are slow to recover as a result.