Wednesday, November 10, 2010

American Mortgage Foreclosure Mess

Here's an interesting discussion of this mess by two journalists from the NY Times, Joe Nocera and Andrew Ross Sorkin:

I come down on Joe Nocera's side. It is outrageous that banks ignore property rights, that banks which were saved from bankruptcy by the American taxpayer is showing no willingness to help restructure mortgages to save homeowners from the depressed economy, and that bankers show complete disregard for the larger economy. In short, bankers distorted the economy, collapsed it, extorted the taxpayers, and now are exploiting the legal system to illegally seize homes.

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