On the one hand the banks, due to their stupidity and incompetence, have decided to cease all foreclosures until they accurately identify those that are legitimate. That statement alone is proof of why government regulation is so necessary in the financial sector. On the other hand, President Obama does not support the move because it “…is simply not the prudent step to take in this fragile housing market.”
Neither point makes sense. What makes sense is for the administration to hold banks responsible for getting it right, and fine the banks for every bogus foreclosure. In addition, they should pay a fee to those who are victims of their ineptitude. It’s all about the money.
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