—And, where are the clowns?
Quick, send in the clowns.
Don’t bother, they’re here.—Stephen Sondheim
Indeed, the clowns are here! Or, to be exact, in Washington.
With each passing day, we learn just what a sham the entire foreclosure process has been in this country. Banks and other lenders admitting they had low level employees sign off on foreclosures not even bothering to read, or even understand, all the material before them. In many cases, according to press reports, lenders can’t even prove they own clear title to the properties.
What a joke. What a circus. Which brings me to some of the Obama administration clowns.
Obama’s Secretary of the Department of Housing and Urban Development called it “shameful,” in a column he wrote for the Huffington Post, that the housing crisis may have been made worse (if that is possible?) by lenders who failed to follow proper procedure ( or any procedure) when foreclosing on other people’s lives.
But where were these clowns the past couple of years? Obviously, not paying much attention to what was going down from coast to coast.
Secretary Shaun Donovan writes in his HuffPo post, “The recent revelations about foreclosure processing–that some banks may be repossessing the homes of families improperly–has rightly outraged the American people…The notion that many of the very same institutions that helped cause the housing crisis may well be making it worse is not only frustrating–it’s shameful.”
Too bad Secretary Donovan is just coming to terms with this now.
And, here’s another D.C. based, government clown: Sheilia Bair, Chair of the Federal Deposit Insurance Corporation who told C-SPAN, according to a Reuters dispatch, that “foreclosure is a very serious thing and it should only be undertaken after loan modification efforts are not feasible. And that the files are fully documented.”
Bair forgets to mention that the administration’s best efforts at loan modification have been a failure. And, why should we expect the FDIC to have any handle on what banks are up to?
So now, everyone is pretending to be shocked…totally shocked…by what has been going on right under their big, fat, red clown noses.
The foreclosure process nationwide had come to a virtual halt. States are investigating. The federal government is investigating. People who bought distressed properties wonder whether they own the title free and clear?
And, now, finally, here come the so-called regulators! Send in the clowns, indeed. Don’t bother, they’re here!