Today, Bank Of America announced they were putting a Halt To ALL Foreclosures in ALL 50 states.
This is incredible. I sense another bailout request rearing its ugly head due to this situation they have put themselves in.
It seems to me the only banks that aren’t worried about this potentially illegal or fraudulent foreclosure filings are the smaller community banks… you know, the one’s that don’t have any of our TARP money and are WAY more likely to be shut down by the bank regulators. This is just one more reason we should not be propping up the “Too Big To Fail” banks. They have no clue what is going on in their own organization. How could any outside regulator possibly understand the complexities in these giant banks. I think they are all wrought with fraud and illegal procedures that the public may never hear about. I say “Bring them back down to a sensible size.”
We should be promoting more community banks, not less of them.
I recently wrote an article about this very topic right here on my blog.
The only reason the smaller banks are getting shut down every Friday is because no one helped them out with TARP money. If they were able to get access to some “FREE” money just like BAC, PNC, ALLY/GMAC, and 5/3rd. etc., we wouldn’t already have 129 failed banking institutions in 2010.
Go read the article on Bank Of America halting their foreclosures and then leave a comment below or click here if you don’t see the “Comments” section and then scroll to the bottom of the page.
