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Response to jsmirman (Reply #85)

Sun Jan 22, 2012, 03:15 PM

97. I think you hit on an important point when you said...

Last edited Sun Jan 22, 2012, 04:40 PM - Edit history (2)

..."-is it unreasonable to think that they don't want public revelation that responsibility for this continued practice runs all the way to the top of pretty much all of the banks involved?"

My opinion...and it is only my opinion based on very little knowledge of the situation...is that the problem became systemic. Because of that, to very publicly indict all involved (a huge number of people and banks)
would destabilized financial markets again...at HUGE risk to the country. That's ALL of us. For President Obama to risk that would not be responsible. He is a smart man.

While I also think those who did this...banks and others...deserve jail for what they did, I am guessing that the Obama Administration could not risk it. Therefore, they are working for a 'deal' that would include reforms to prevent this from happening again. If so, whatever they come up with won't be perfect. It will leave some who did wrong unpunished and reward some homeowners who don't deserve it.

Don't misunderstand me. I support Ca's AG Kamala Harris and the other AGs for doing their job, wherever that leads. I also support President Obama for trying to clean up a mess that festered for 8 years under the GWB Administration who de-regulated, cheered for homeownership at any cost, and looked the other way while people made money off a trashed system.

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