Will Congressional Hearings On Foreclosures Produce More Empty Promises?

More Congressional Hearings On Foreclosures

If there is one thing that the congressional hearings on robo-signing and foreclosures has revealed is that many of our leaders have a lot of energy and flare for talking.  For the past two years, we have been nearly talked to death about how the leaders in this country with the “cooperation” of the bailed out banks (let’s not forget that) plan on stopping the foreclosure crisis that has already destroyed too many dreams.  When are we going to get more than just empty promises and half-baked foreclosure programs that are destined to fail?

We have already bailed out the banks, given them “incentives” to fairly modify mortgages and turned a blind eye to many of their dirty tricks.  If this latest robo-signing scandal isn’t enough to pull the wool off of our politicians’ eyes, then what is?  Many of these mortgage lenders behave in a manner that says that they have absolutely no regard for the homeowners who are trying to stop foreclosure and trying to save their homes.

A matter of fact, a quote from one of the bankers sums up their real attitudes and posture regarding this foreclosure crisis and the associated scandals:

Chase Home Lending CEO David Lowman said employees signed documents without reviewing them – a legal error – but the foreclosures were justified.

That sounds like a backhanded excuse and reveals a certain level of arrogance that is quite bold considering the fact that his man is the CEO of a company under investigation by 50 attorney generals. How exactly does he know that the foreclosure were justified if he didn’t even have effective systems in place to make sure simple paperwork was in order to make the foreclosure legal?  What else has his company and other bankers failed to do that could have led to totally unjustified foreclosures? That is something worth investigating.