Very Bad Things Happen When We Depend on the Same People Who Caused the Foreclosure Crisis to Track Its Destruction

Very Bad Things Happen When We Depend on the Same People Who Caused the Foreclosure Crisis to Track Its Destruction

There is not a single federal agency that has tracked foreclosures comprehensively, a massive information gap that prevents the work of journalists, advocates and policymakers alike.

Nationally, there is not a single federal agency that has taken the initiative to track foreclosures comprehensively, a massive information gap that prevents the work of journalists, advocates and policymakers alike.

The government is instead relying on the expensive, potentially biased and seemingly inaccurate information amassed by mortgage bankers, real estate hawks and credit reporting agencies. How this happened is a story of congressional warnings and broken promises, of lack of funding, and ultimately, the increasing dependence on the for-profit sector to quantify and analyze our lives. In this sense, it’s not only a story of the government’s failure, but also of Wall Street’s almost unquestioned power to determine not only value, but reality itself.

The story begins in March 2009, near the peak of the foreclosure crisis, when the government admitted that it was being blindsided.

“The failure of federal banking and housing regulatory agencies to gather and analyze quality market intelligence is striking,” the Congressional Oversight Panel reported. “Absent more complete and accurate information, legislators, regulators, and market participants are flying blind.”

Full report here…

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4closureFraud.org

Comments
3 Responses to “Very Bad Things Happen When We Depend on the Same People Who Caused the Foreclosure Crisis to Track Its Destruction”
  1. qny81 says:

    This is why people have to write in Dr. Ron Paul for president in November. He is the ONLY candidate that predicted this mess and told Congress in 2005. He constantly says that we keep giving the one that caused problems the chance to resolve the problem, which is not going to happen. These bankers and the Federal Reserve need to be prosecuted to the fullest extent of the law. They have knowingly broken laws and knowing caused this to happen. Mitt Romney stole Dr. Paul’s election with the help of the media since Dr. Paul does not believe in the current system. Bring back constitutional principles! Dr. Paul for President, 2012.

  2. barbra orr says:

    Do you really think? I would not trust a banker with a halo over his head .

  3. Sarah says:

    This was all by design, and that doesn’t sound conspiratorial at all. One has to think a part of our Government/ Banking sector would like this trouble go away, quiet down, or once the cattle have been rustled from their stalls, the voices of protest will fall quiet. The “masters of our universe” would like to distract us from their austerity. If that means going after loud mouthed activists, or people who have the gall to protest against what is absolutely a lowered quality of life, I think those efforts have long been underway.

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