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"Growing concerns over the handling of U.S. home foreclosures hit bank shares hard on Thursday, with analysts warning of harm to the fragile housing market and broader economy if the issue escalates.
All 50 U.S. states have started a joint investigation of the mortgage indu$try, focusing on allegations that some banks did not review documents properly or submitted false statements to evict delinquent borrowers.
The investigation, one of the biggest legal probes of the industry in decades, has alarmed investors who fear cleaning up the foreclosure paperwork mess could take months, even years. This could hurt banks' profitability and attract greater federal regulation of their practices."
"The progressive vision that resonated in the 1930s foundered on the hard experience of the 20th century, and it has no broad appeal in the 21st. The recovery from the Great Depression did not occur until World War II was underway, but it appears, as of today, that voters will bring the latest experiment in American collectivism to an end on Nov. 2. A real economic recovery won't be far behind."
"This is some Texas-size chutzpah, folks. Phil Gramm, more than any other modern politician, pushed the deregulatory ethos that the financial crisis of 2007-08 exposed as a criminally irresponsible sham. His very name is on the law that repealed the Glass-Steagall prohibition on the commingling of commercial and investment banking. He was the lead force behind the Commodity Futures Modernization Act, which ensured that derivatives trading would be largely unregulated. And yet he has the gall to complain about the "the regulatory burden" that "exploded during the Roosevelt administration"!
I blame Barney Frank. He was warned on several occasions about the serious problems with Fannie Mae and Freddy Mac. His only response was to viciously attack those who voiced their concerns. His disastrous & ignorant statement that Fannie Mae and Freddy Mac were both 'Fundamentally sound" and critics were exaggerating the problems ranks right up there with Chamberlain's "Peace in our Time" statement after meeting with Hitler. Barney Frank is the man most responsible for our terrible economic collapse in my opinion. How he's not in handcuffs and wearing an orange jumpsuit,i'll never know. He hurt so many good Americans.
