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Bloomberg Blames Congress Not Wall Street For Mortgage Crisis [VIDEO]

Bloomberg Blames Congress Not Wall Street For Mortgage Crisis [VIDEO]


by

Mayor Michael Bloomberg blames congress and defends banks, over the mortgage crisis, during a November 1, 2011 breakfast in midtown.

But Who Created The Fraud? Who got paid to let Wall Street do what they so desired?

 

© 2010-17 FORECLOSURE FRAUD | by DinSFLA. All rights reserved.



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Bloomberg: Why would banks lend money when you want to put them in jail

Bloomberg: Why would banks lend money when you want to put them in jail


Via: Meet The Press

MR. GREGORY: Can you explain how that impacts businesses? Because we hear it, it’s a conventional wisdom that a lack of leadership, uncertainty, means that businesses aren’t hiring. They’re making money, they’re doing more with less, and yet they’re not hiring.

MAYOR BLOOMBERG: Well, nobody has any confidence. If you’re a bank and you have money, would you make a loan when people are talking about putting you in jail for what happened in the mortgage crisis three, four years ago? You hunker down. If you’re a business, would you go take a loan and expand and hire more people when every day there’s talk about different regulation, different tax policy? Business has to know what it’s going to be in the future to plan because hiring people is a long-term commitment. If you’re an individual, would you go take that extra vacation, buy a new house and that sort of thing when you’re not sure whether Washington is going to do what’s right to keep job creation going in America? That’s the–in the end, it is confidence, confidence, confidence.

[image: exploredia]

© 2010-17 FORECLOSURE FRAUD | by DinSFLA. All rights reserved.



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BOSTON: Instead of foreclosure, an easier route for all

BOSTON: Instead of foreclosure, an easier route for all


By David M. Abromowitz January 6, 2011

IF NO sensible mortgage lender wants to foreclose on a homeowner except as a last resort, why are so many still foreclosing?

That question lies at the heart of Boston Mayor Thomas Menino’s proposal to require mediation before a family loses its home to foreclosure, recently passed by the City Council. If the city gets permission from the Legislature to start mandatory mediation, Boston will be on its way to preventing hundreds of avoidable foreclosures and the neighborhood deterioration that follows.

Nationally, roughly one in every seven households with a mortgage is behind on one or more mortgage payments. Moreover, with news of the “robo-signing’’ foreclosure petitions, the public has seen that lenders who were sloppy with paperwork when making the loans might be just as sloppy when calling the loans.

As a result, tens of millions of Americans are anxious about their home values; nearly 30 percent of homeowners with mortgages are drowning “underwater.’’ Even more worry about their ability to pay their mortgages. This is bad for everyone who wants the economy to recover, including those who are not in default, as home prices could plummet again while a cloud of uncertainty keeps the home-buying market perpetually overcast.


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