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10,730 registered users, 1 online now: KrisMelbou

9 ways feds bungled foreclosure crisis

By Ironman (128/136 = 94% civil)   2013 Jan 16, 3:30am   ↑ like (1)   ↓ dislike   212 views   0 comments   watch (0)   share   quote  

The foreclosure crisis that devastated the economy in 2009 and 2010 was a many-headed monster, a disaster unlike anything the federal government had ever seen.

And it's becoming clear that not only did the government have no idea how to handle it, but every fix it tried didn't work. It was an epic failure, and federal regulators jumped on the opportunity to sweep it under the rug this month with an $8.5 billion settlement with 10 banks.

The settlement effectively ends the government's investigation into much of the foreclosure mess. And let's hope we never have to go down this road again, because everyone who was supposed to work for taxpayers -- from regulators to middlemen to investigators -- was clearly out of their league.


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