Evidence Surfaces Reuters Will Publish Propaganda As News
Normally I’m a fan of Reuters, it has backed some terrific reporting on the banks’ fraudulent foreclosure documents and I respect many of its reporters. But this piece: “Insight: Evidence Surfaces Anti-Foreclosure Laws May Backfire” is pure banking industry and Federal Reserve propaganda. The goal of the propaganda campaign reflected the piece (and one in HousingWire I debunked six weeks ago) is to eliminate barriers to the banks’ use of fraudulent documents to seize houses. That is, going after judicial foreclosures and efforts to defend private property rights and the rule of law.
The Housing Crisis Is NOT Caused By Helping Homeowners
The Reuters piece aggressively misrepresents the idea that huge “shadow inventory” and the problems it causes for the housing market as proof that benighted efforts to help homeowners are hurting the housing market. That’s total B.S. Worse, the laws and rules the piece critiques aren’t efforts to help homeowners, per se–they defend Due Process and try to stop banker fraud.
The first part of the article’s claim is true–having huge shadow inventory is horrible for the housing market and the broader economy. But the second part–the assertion that helping homeowners, aka judicial process and efforts to stop banker fraud, is causing the problem is completely false.
Rest here…
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So glad someone called out Reuters and Tim Reid for spreading propaganda.
Why don’t you tell him directly just how much of a tool of the bankers he is?
tim.reid@thomsonreuters.com