In APRIL, Congress was told: "80% of mortgages defective in 2007"

[dixiegrrrrl]

This was buried towards the bottom of a long Bloomberg article today.

http://www.bloomberg.com/news/2010-10-21/banks-face-two-front-war-on-bad-u-s-mortgages-flawed-foreclosure-process.html

Richard M. Bowen, former chief underwriter for Citigroup’s consumer-lending group, said he warned his superiors of concerns that some types of loans in securities didn’t conform with representations and warranties in 2006 and 2007.

“In mid-2006, I discovered that over 60 percent of these mortgages purchased and sold were defective,”
Bowen testified on April 7 before the Financial Crisis Inquiry Commission created by Congress.
“Defective mortgages increased during 2007 to over 80 percent of production.”
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Oh, SO that's why they wrote the Notarization Bill ....the Financial Crisis Inquiry Commission heard all about the problems in APRIL,
and the bill was introduced in April.
Wonder why the bill was not steamrolled thru Congress any sooner than Sept. 27th.

Mr. President, I DO thank you for not signing that damn bill!!!!!

[ThomCat]

1. So, if they have known 6 months now that 4/5 mortgages are now

defective, why the hell aren't our representatives actively lining up and roaring ahead to save those mortgages, save those homes, and help all the people living in those homes?

What the hell are they waiting for?

This is a golden opportunity to show that they really care about all the people in this nation who need them.

This is their golden opportunity to show the nation that they care about real people, their base, the people who elected them, and PROVE that they can still be the party of the people people.

There are definitely liberal and progressive economists out there who could propose ways to do this who don't represent the interests of the current banks. They will propose ways of doing this that will save the banks, but put them in the hands of investors, new boards, the way it should be when banks fuck up and fail.

It's long past time for banks to fail in an organized, systematic way that saves the people that the banks have been preying upon. It's time to end the systematic preying upon homeowners and home buyers.

And it's time for our representatives to take the side of the people in this showdown and prove that the can really act in the best interest of the people again!

WHAT THE FUCK ARE THEY WAITING FOR? HOW LONG DOES IT TAKE TO SEE THE SIZE OF THIS DISASTER AND GROW A DAMN SPINE?

[dixiegrrrrl]

2. So, what DOES all this silence mean to you, eh?

Apparently the only thing they did was to write and introduce the Notarization bill, that passed BOTH houses
in record time, by unanimous consent, unrecorded votes, and Pres. Obama vetoed it.

Don't listen to what they say, watch what they do.
Actions speak louder than words.

[CanonRay]

5. The day AFTER the election, some bill will slide through Congress

that lets the banksters of the hook. You heard it here. Sorry to be such a cynic, it's what comes from living too long.

[dixiegrrrrl]

6. that idea is being talked about on a lot of dicussion forums.

[pokercat999]

7. All they have to do is enforce existing law! If the banks can't

produce the note they've have no legal authority to foreclose. The MBS are trash and the banks should buy them back until they belly-up.

[fasttense]

3. None of this will stop until Americans get out and protest like the French.n/t

[jtuck004]

4. Best I can figure is that the administration is not acting for the same

reasons we are living with the mark-to-myth accounting in the real property market.

No one has the political will to confront the facts. Because when they do I think there is a perception that they
will be deemed the person(s) at fault for it all.

I think they are waiting until there is only one person left downfield and both teams are on the other end staring
at them. And they will then wait until someone points and says "Hey, it's him".

Unfortunately I think the game will be over long before then.

(I can think of more cynical reasons, but this one is the simplest).