Monday, October 18, 2010

Standard Examiner Editorial: OUR VIEW: A National Foreclosure Mess

Think about this, the next time you read some chirpy story which suggests that the World Economy is on the mend

For the second day running, the Standard-Examiner has a truly great lead editorial up on the editorial page. This conjuncture of great editorials has happened quite frequently, now that Doug Gibson has ascended to the office of Editorial Page Editor, we believe. Running on the heels of yesterday's fine editorial piece, the Standard today follows up with this great economics mini-Magnum Opus. The Standard is definitely on a roll again:
OUR VIEW: A national foreclosure mess
Due to ink and paper limitations, the Standard unfortunately had to tiptoe around the issues involving the current nation mortgage foreclosure mess, we guess:
As we mentioned, this is a national crisis. Bank of America and PNC Financial Services Inc. have stopped foreclosures across the nation as cases mount of proper due diligence not occurring. One Bank of America official has admitted she signed 8,000 foreclosure documents in one month. It is impossible for one official to have sufficient knowledge of such important matters. After all, peoples' homes are at stake.
Frankly, the whole foreclosure mess, along with the economy and the rash handing out of mortgages like candy for the past 10 to 15 years appears to be mushrooing into an ever-expanding scandal. According to the Associated Press, a Florida lawyer handling foreclosure clients is claiming that "in an effort to rush through thousands of home foreclosures since 2007, financial institutions and their mortgage servicing departments hired hair stylists, Walmart floor workers and people who had worked on assembly lines and installed them in "foreclosure expert" jobs with no formal training."
For those readers who'd like to read the whole unadorned story, from a reliable blog which is not hampered by ink & paper limitations, you can read the whole ugly nitty-gritty here:
"At the Root of the Crisis We Find the Largest Financial Swindle in World History", Where "Counterfeit" Mortgages Were "Laundered" by the Banks
The Standard got off to a danged good start with this morning's editorial; and we're delighted to help finish their fantastic US Economy story here. As dedicated and proven online whistleblowers, it's our duty to fill in the blanks, wethinks. Think about this, the next time you read some chirpy story which suggests that the World Economy is on the mend.

As gentle Curmudgeon would say, "Have a nice day, everyone!"


Reader said...

This letter is getting more traffic than the SE headline editorial.

All politics are local.

Mathiew said...

"Screw the poor" ~Jesus

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