Washington's Shame, Shame on Bankers Far Too Little, Way Too Late

It was reported in the mainstream media that Washington has "chastized" the banking industry and its foreclosure practices during this recession, calling for an investigation of homeowners who were foreclosed upon in 2009-2010 and purportedly inflicting "heavy fines" on those banking institutions if found to have been using loosey goosey practices with respect to the ongoing foreclosures throughout the country.

With most of the homeowners affected by this recession and boom and bust cycle starting in 2005-06, it does seem this is, once again, far too little and way too late.

And, of course, there has been no investigation initiated in order to address those contracts and loan documents and their unlawful and illegal practices which even lead to what has transpired this past five years.

Some of those bogus loans are still being marketed by many of these institutions to new home buyers and also to the young for their educational costs - many based upon the British LIBOR lending rates and not the U.S. prime at all.

The politicians are hard at work, and it is clear that the 2012 elections are actually their main concern with this recent announcement.