Scrutiny of Major Banks is Putting Home Foreclosures on Hold

This is a bit off/topic from the core FAA/aviation content at this website, but it is a short news item worth passing on. And it is related to the FAA dysfunction, as yet another example of how failed our system has become … and how much we need whistleblowers.

It was five years ago that the housing bubble burst. The Fed was quick to bail out the big banks, but then we soon found these banks were failing to work with distressed homeowners. The robo-signing scandal was revealed. Outrage piled up as high as a February dairy lot, and it grew while a solution  just delayed for years. Last month, we finally saw both the Federal Reserve and another federal office known as the Office of the Comptroller of the Currency (OCC) issue foreclosure standards. And, these standards have enticed Wells Fargo and Citi to slow down the foreclosures. Here’s a link to a pdf copy of those standards; and, here’s an article from AmericanBanker.com.

Times are tough for many, and made far worse by both a rising tide of corporate greed, and a virtual disappearance of effective regulation. Times like these need tough people capable of critical thinking. People who see something is wrong and have the fortitude and responsibility to speak up, to make it right. People like Whistleblowers. So, if you know someone who is on either end of the present mortgage foreclosure fiasco (maybe a failing homeowner, or maybe a bank employee), be sure to help them to blow that whistle.

(thanks to WhistleWatch.org
for the tip on this story)