Bankers thrive while cheating homeowners

Zachary Roth from the Yahoo News Blog, The Lookout pens an article titled The foreclosure mess isn’t going away reporting that banks profit by processing a vast number of homes into foreclosure as quickly as possible.  And as the foreclosures unwind in a slew of court proceedings nationwide, many banks have produced dubiously rendered legal documents that seek to shore up the ownership paperwork long after the original mortgage transactions were on the books. In some cases, financial institutions paid contract companies who employed an army of "robo-signers"—office workers who forged signatures on mortgage documents that were then used to initiate foreclosures.”

“All 50 state attorneys general are currently conducting an investigation into the foreclosure mess--including cases that involve forged documents like these. And Shelia Bair, head of the Federal Deposit Insurance Corporation, told CBS she thinks the banks should have to pay billions to set up a compensation fund for those who are being forced to accept foreclosure without proper documentation.  But if you thought all this might have chilled the banks' zeal to push struggling borrowers from their homes, think again.”

I can not help but think that this housing crisis would have been over had these same 50 state attorneys general got on board of this ship long ago and laid down the proper regulations to stop all those foreclosures.  The money that could have been collected from these crooks could have closed many states budget deficits.  It is comical to me that everyone has to tighten their belts except those who sell them.  They lay off millions, shipped jobs over seas and still were able to get a large loan from taxpayers.  They took that money, paid themselves and bought up their competition.  They gambled and lost but in the end won bigger than anyone else, how screwed up is that?