New Orleans The scorecard is finally being written on the ballyhooed, though mostly baloney, loan modifications being done by big home mortgage loan servicers and trumpeted by the federal government (and largest shareholder in many of these outfits) as a real plan for foreclosure relief, and it stinks. Gretchen Morgenson in a searing Times column today that rested on the analysis of Professor Alan M. White at Valparaiso University Law School of 3.5 million subprime and alt-A mortgages in securitization pools controlled by Wells Fargo, and led to the Times editorializing that banks need to start writing off principal, since they are losing their shirts anyway.
New Orleans There just seems to be no shame among most of the nation’s big banking institutions. Despite their recklessness and greed that frog marched us into a semi-great depression, they continue to aggressively resist all movement to reform their ways and now are fleecing us more heartily than ever before with charges that fairly stated are no longer “nickel and dime.”
A number of things call this to mind. One was reading the response from Scotiabank to Community Organizations International and ACORN Canada’s demands that they lower remittance fees between immigrants and their home countries. Three pages of posturing, most of which had nothing to do with remittances, and none of which was responsive to either our demands or requests for a meeting. Even though the reply from the banking system of India was equally unresponsive at least it was notable for saying not much in only two sentences, largely promising referral and delay. Grrrrr!