2009-11-30 — mortgagenewsdaily.com
The Wall Street Journal and others are quoting Michael S. Barr, assistant secretary for financial institutions who directs the HAMP program, as saying that banks are not doing a good enough job. "Some of the firms ought to be embarrassed and they will be. They're not getting a penny from the federal government until they move forward," Mr. Barr said. According to Barr, the government will publicly identify lenders and servicers who are not performing under the program and that they will be particularly focusing on those companies that are not doing a good job.
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Jess Badlybent at 06:37 2009-12-01 said:
To assume that a servicer can be made to feel shame implies that it has strayed from a sense of morality that is inherent within its culture. A mortgage servicer like a bank is not a person. Banks buy shares of Federal Reserve for pennies. The US Treasury guarantees a handsome return on the shares. Out of thin air the bank owned Federal Reserve creates buckets of funny-money. Each bucket of new funny-money lowers the value of the previous bucket. Our tax dollars guarantee the value of the funny-money. Our tax dollars also pay interest, to the bank owned Fed, on each bucket of funny-money the Fed prints. The buckets of funny-money are given to banks. Banks lend the funny-money to tax payers. The banks collect INTEREST AND PRINCIPAL IN REAL DOLLARS from tax payers. When banks aren’t happy they whine to the Fed, the Fed whines to the Treasury and the banks get more buckets of funny-money. The servicer is only the extortion arm of an industry that produces no real product but feeds off the labor of others. To assume that a servicer can be made to feel shame implies that it has strayed from a sense of morality that is inherent within its culture. Permalinkmahalo guy at 10:03 2009-12-01 said:
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