Posted by JM Ashby
Good news everyone, the Fed has determined that no wrongful foreclosures have been carried out by U.S. Banks.
Wait, what?
In a recent meeting of the Fed's Consumer Advisory Council, the nation's central bank came under intense criticism by consumer advocates for an upcoming report that's expected to claim that after an investigation, they've determined that no wrongful foreclosures have been carried out by US banks.
Huffington Post reporter Shahien Nasiripour was at the meeting and caught a number of key remarks, namely council members attacking how the Fed's investigators had defined what a wrongful foreclosure is.
According to Nasiripour, they defined it as a foreclosure which happens when a home owner is not significantly behind on payments -- leaving out a litany of other situations and acts that consumer advocates call criminal behavior.
No wrongful foreclosures? The notion is so ridiculous I have trouble even saying it without simultaneously letting out a huge guffaw.
What about foreclosure robo-signers? Accidentally foreclosing on the wrong homes? Breaking into homes and changing the door locks? I could go on forever.