2 From Truthout:
Monday 18 October 2010
ForeclosureGate: Time to Break Up the Too-Big-to-Fail Banks?
Ellen Brown, Truthout: "Looming losses from ForeclosureGate qualify as the sort of systemic risk warranting the breakup of the too-big-to-fail banks under the new financial reform bill. The new Financial Stability Oversight Council (FSOC) probably didn't expect to have its authority called on quite so soon, but Rep. Alan Grayson (D-Florida) has just put the Kanjorski amendment to the test. It provides federal regulators with new powers to pre-emptively break up large financial institutions that - for any reason - pose a threat to US financial or economic stability."
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Foreclosure Moratorium: Cracking Down on Liar Liens
Dean Baker, Truthout: "As we all know, there is a major philosophical divide in US politics. On the one hand, there are those who think it is the role of government to help ensure that the vast majority of the population can enjoy a decent standard of living. On the other side are those who believe the role of government is to transfer as much money as possible to the rich and powerful. The latter group seems to be calling the shots these days. This is seen clearly in the 'liar lien' scandal: the flood of short-order foreclosures that ignore standard legal procedures. The banks have been overwhelmed by the unprecedented volume of defaulting mortgages in the wake of the housing crash. Even under normal circumstances, foreclosure rates that in some areas exceed ten times normal levels would create an administrative nightmare. But these were not ordinary loans."
Read the Article
ForeclosureGate: Time to Break Up the Too-Big-to-Fail Banks?
Ellen Brown, Truthout: "Looming losses from ForeclosureGate qualify as the sort of systemic risk warranting the breakup of the too-big-to-fail banks under the new financial reform bill. The new Financial Stability Oversight Council (FSOC) probably didn't expect to have its authority called on quite so soon, but Rep. Alan Grayson (D-Florida) has just put the Kanjorski amendment to the test. It provides federal regulators with new powers to pre-emptively break up large financial institutions that - for any reason - pose a threat to US financial or economic stability."
Read the Article
Foreclosure Moratorium: Cracking Down on Liar Liens
Dean Baker, Truthout: "As we all know, there is a major philosophical divide in US politics. On the one hand, there are those who think it is the role of government to help ensure that the vast majority of the population can enjoy a decent standard of living. On the other side are those who believe the role of government is to transfer as much money as possible to the rich and powerful. The latter group seems to be calling the shots these days. This is seen clearly in the 'liar lien' scandal: the flood of short-order foreclosures that ignore standard legal procedures. The banks have been overwhelmed by the unprecedented volume of defaulting mortgages in the wake of the housing crash. Even under normal circumstances, foreclosure rates that in some areas exceed ten times normal levels would create an administrative nightmare. But these were not ordinary loans."
Read the Article
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