This is a phrase that will come up often in this post. And, the cool part is–it’s actually a cue for YOU to take part in this blog. That’s right. YOU get to participate.
First, how about a trial run. On the count of three. One! Two! Three! “You think!”
Not bad. Though, I can’t really hear the lady in Tampa that well. So, one more time then we’ll move on. Here we go.
One! Two! Three! “You think!”
Awesome. I think we are all ready. You know your part and I will provide a clue when it is your turn to jump in there and shout out, “You think!”
The Chairman of the Federal Reserve told a group gathered today in Washington that “we have been concerned about reported irregularities in foreclosure practices at a number of large financial institutions.”
OK. Your turn. Don’t blow it. Ready?
Ben Bernanke (close friends and family just call him Mr. Bernanke) goes on to say, “We take violations of proper procedures seriously.”
Really. They take it seriously?
Banks and other lenders have been more careful changing the toilet paper in their bathrooms than processing the proper foreclosure papers, all in the name of evicting homeowners as quickly as possible.
Should federal regulators have taken this seriously?
I mean, isn’t that what the word regulator means?
Meantime, we learn today that over one half of home loan aid applications dropped out of the government program that was supposed to help homeowners keep their homes by reducing their mortgage payments.
That’s a pretty big failure, isn’t it?
Of the 1.37 million homeowners who went on trial loans aimed at a more durable fix, the Treasury Department says some 700,000 had their modification programs canceled, according to a Reuters report.
“The program wasn’t designed to try to prevent every foreclosure but instead to help people who could sustain a loan modification,” Reuters quotes Tim Massad, acting assistant Treasury secretary for financial stability as saying.
And, besides, how can there be a division of “financial stability” within the Treasury Department when the last thing you can call our economy right now is “stable?”
HUD Assistant Secretary Raphael Bostic is also quoted as saying, “With many unavoidable foreclosures still in the pipeline, it’s clear that we have a hard road ahead.”
In many parts of the nation, home prices continue to fall. The number of homeowners “under water” continues to rise.
Can you trust Bernanke and Massad and Bostic to get us out of this mess?
“What do YOU think?!”