Foreclosure Fiasco

Some of the nations biggest banks admit serious problems in how foreclosure cases are reviewed. First it was JP morgan, now Bank of America says employees signed foreclosure documents without even reading them. The bank is now delaying foreclosures in 23 states while the cases are examined. One Wells Fargo executive admits he only checked the date on the hundreds he signed daily. Wells Fargo has no plans to delay foreclosures. This will certainly affect homeowners and it will have a greater economic impact. It could cause thousands of homeowners to contest foreclosures dragging the foreclosure crisis on for years. Also today President Obama met with his economic advisors. The President announced a plan to partner business with community colleges. I asked Financial Expert Todd Schoenberger is this a good move especially since President Obama has alienated the business community. “It’s the best thing he ever did, implementing a 12 billion dollar college initiative which offers tuition assistance to those looking to enroll. The problem is, he also manufactured an entitled an unemployed group, with continued jobless benefits, health insurance and food stamps,” says Schoenberger. As for alienating the business community, Schoenberger says this about the President. “His actions against business has done nothing to help job creation and improve confidence for consumers. ”