jeffman

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    • Banks Are Failing, So They Are Changing the Rules [view article]
      So let me get this straight. First the banks are evil because they "couldn't wait to foreclose on people with their inherintly bad mortgages", and now banks are evil because they are "reclassifying&qu... and as a result less homeowners are considered delinquent? It sounds to me as if there will always be somebody that will be unhappy with whatever the banks do. Lets make up our minds already on what classifies as "criminal" and "unethical" behavior. Give me a break! Protect the shareholder or the homeowners? Its an easy call for all of the armchair quarterbacks that sit at home and read the financial news and feel "educated" on banking and finance, and who have a biased opinion. The fact is that if there were criminal behavior by banks in this climate, they would be called to the mat quickly by politicians showboating in an election year. Get over it. Banking is one of the most regulated industries in the country!

      The truth is that there is $94 Trillion in outstanding mortgaes, and this entire subprime debacle accounts for only $100 billion of it. I know that $100 Billion isn't small change, but compared to $94 Trillion it is barely a drop in the bucket, less than one percent! of that $100 billion, banks already account for some of that to go bad. That's why they alrady have in place foreclosure departments. The stocks and the market look the way they do right now because it isn't driven by facts, its driven by fear, greed, and people who blog and know little to nothing about which they write.       Jun 29 05:57 AM
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