Despite Obama's rosy description of the housing recovery, homeowner's have been systematically abused and the government attempts to investigate just cover it up.
... the foreclosure investigation was halted abruptly, with the OCC and the Fed failing to identify any methodology for how the portion of the settlement allotted to cash awards, $3.3 billion, would be distributed to homeowners who might have been harmed in 2009 to 2010, an astonishing lapse that will almost certainly result in small payments being made to large numbers of borrowers, irrespective of whether they deserved vasty more or nothing at all.
The OCC consent orders had been launched in an unsuccessful effort to render the ongoing 50 state attorney general/Federal negotiations moot. Critics described how these orders were regulatory theater, with Georgetown law professor Adam Levitin comparing them to promising in public to spank a child, then taking him indoors and giving him a snuggle. Leaks during the course of the reviews confirmed these concerns, revealing deep-seated conflicts, limited competence among the review firms, half-hearted efforts to reach eligible homeowners, and aggressive efforts by the banks to suppress any findings of harm.
Thank you, Ruth, for this discussion and your documenting it.
...all experience has shown that people are more disposed to tolerate, while evils are tolerable, than to right themselves by abolishing the forms to which we are accustomed.
Please don't fault my modernizing the Declaration's "suffer" and replacing its "they" with "we".
I hope to make as clear as I can my beliefs: America's founders in 1787 understood human frailties and designed a government that takes advantage of them, and we either fix or live with the results.
In the 1787 Constitutional Convention, Alexander Hamilton (the rich and well born should govern) and James Madison (a government to protect the opulent minority from the majority) made their intentions clear. A few delegates protested but were a minority.
To read of the next bailout I know of, search Wikipedia for Yazoo-related land fraud.
Skipping much to bring this discussion into our times, I tell all who will listen that a Demo administration lied us into a war in Viet Nam, a Repub administration lied us in a war in Iraq, and 9/11 was payback for decades of American Middle Eastern foreign policy.
A few honorably discharged war veterans I know, including Yours Truly, refuse to pledge allegiance to a piece of cloth. I tell people "When you're ready to pledge allegiance to the Constitution, let's talk." (Yeah, those two words are part of my reason.)
I also rant in support of a national initiative and referendum. About half of the states have them. I know Arizona's justification best; statehood backers saw the corruption in Eastern states and wanted to prevent it in their Arizona.
Please don't ask me to explain today's Arizona; when I lived and was politically active there, I repeated the line, "In Phoenix, psychology is a communist plot." If you've time, search Wikipedia for "Don Bolles" the newspaper reporter. The attempts to link the event to the Mafia was BS, intended to protect the guilty.