FHFA Actually Knew Something
I’m almost getting tired of reporting on how incompetent some federal organizations are. Almost. But there are some times where it’s just too much fun. It all comes back to the robo-signing scam that was perpetrated on thousands of homeowners.
Apparently, as most people knew all along, the FHFA knew how lenders were abusing the system and skipping critical steps in the foreclosure process. They were aware of the problem all the way back in 1997 but I guess they thought it would be more fun to wait until the problem brought down the housing market and the global economy. (Ok, maybe that’s an exaggeration, but not by much.)
So what were they to do? Stand up to the banks? Appeal to a higher power? Cash in? Who knows?
I guess it’s a moot point by now since the scam has been exposed countless times. But this won’t bring any comfort to those people illegally evicted from their homes. And it won’t help them explain to their children why the banks seem so friendly but refuse to care.
The foreclosure rate is still extremely high and I’m sure abuses continue even now. But with more accountability, more public awareness, and more homeowners standing up for their rights, it’s at least more hopeful than it once was.
If you’ve heard a story of the underdog pulling through against the big, tough bank, please share. You might just inspire a hero.
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Jean Barber
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http://www.oklahomahomesolutions.com Ron Harris
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Gil Barber
