Busted: Bankers and The Global Economy

March 3, 2008

Kid Gloves for Bankers?

Filed under: banking, credit, federal reserve, money — Tags: , , , , , , , — digitaleconomy @ 7:55 pm

Today, the Fed sent out what I call a puzzling press release.

The Federal Reserve Board on Monday encouraged the institutions it supervises to report on their loan modification efforts in a consistent way and to consider using the HOPE NOW alliance’s loan modification reporting standards for their serviced loans.

We strongly support efforts to improve the collection of data on loan-modification activities. We encourage the institutions we supervise that service subprime mortgage loans to report on their progress in a consistent way. This will make it easier for regulators, the mortgage industry, lawmakers, and homeowners to assess the effectiveness of these efforts,” said Federal Reserve Board Governor Randall S. Kroszner.

What is with the banking cheerleading? We “encourage”? Where is the call to responsibility? Where is the demand for accountability? Not with the Fed and yet, they’ve been placed in authority to handle what the current administration will not. When are bankers going to be called out for what they’ve done or are the powers that be just too afraid? Tell me what you think!


1 Comment

  1. :)

    Comment by inspiredbrio — March 3, 2008 @ 7:56 pm

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