Tuesday, April 12, 2011

Loan servicers agree that at some point in the indeterminate future; they will follow the law

The New York Times reports that last week a group of loan servicers agreed to follow state law for foreclosures at some point, and might be assessed a fine.  The other way to look at it is that it is a complete surrender to big banks by the federal government.  While the New York Times characterizes the fines as "likely", Bloomberg explains that the federal government stepped in to prevent states from assessing fines.

Thank God we have a federal government which has the courage to protect defenseless banks from mean attorney generals who would require those banks to follow the law and fine them for not doing so.  Imagine the chaos we'd live in if banks had to follow state laws.

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