Banks Kick Consumer’s Butts Once Again – SB 1275 Dies in the California Assembly

The federal government requires banks participating in HAMP not to foreclose on homeowners while they’re being considered for a loan modification.

Now, why that would even need to be a rule is beyond me. What’s next? How about this one: A new law prohibits car mechanics from selling someone’s car while they’re repairing it. Whatever.

Banks, however, could give a rat’s petute about what the federal government wants them to do because the rule is voluntary and has no enforcement mechanism. A voluntary rule with no enforcement mechanism? Wow. I don’t think I can remember seeing one of those before. Actually, it makes total sense that there’d be no enforcement mechanism… since it’s a voluntary rule. See, I’m starting to think like them.