Robo-signers

I still find this unbelievable, and am surprised more legal action has not been taken.

If you think the banks are “loved now,” wait till the GOP is back. That first stimulus before they shambled out of office was a straight give away to their buddies:

The foreclosure debacle guarantees that any lasting recovery in either the consumer credit or the housing market is nowhere imminent.

Robo-signers. Banks that foreclose on mistakes they made the first time, without even review. No law or regulation could have caught this, as this was conscious fraud to “clean up the act” so they are not caught with more.

http://online.wsj.com/article/SB10001424052702304410504575560072576527604.html

And, it’s the reason we’re invested in QABA. QABA is an index fund of small hometown community banks, the type of banks we once knew that dotted our small towns, run and owned by locals, not like a Bank of America or Citi with more foreign ownership often than American, and intent on springing huge profits back again.