Sunday, November 7, 2010

Booosh's Fault?

Umm, in a word ... no:

Power Line - Federal government zealously protects its power to fiddle while the country burns: "We've noted in prior posts that the federal government appears to have ignored clear warning signals during the past few years that banks were not following proper foreclosure procedures. By doing so, the feds helped contribute to the current mess, including the widespread freezing of foreclosures which threatens to undermine the housing market.

Now comes word, via the Washington Post, that the feds affirmatively interfered with state regulators who were trying to deal with the situation. State bank regulators, it seems, suspected irregularities and thus asked the biggest national banks for details about their foreclosure operations. When two banks -- J.P. Morgan Chase and Wells Fargo -- declined to cooperate, the state officials asked the banks' federal regulator for help, a letter shows."