25 October 2010

If They Are Looking Into it, It's Only Because They Need to Figure Out the Coverup

I am referring to the fact that the Federal Reserve has announced that it will investigate the foreclosure problems:
Raising pressure on banks, the Federal Reserve is wading into the investigation of whether mortgage lenders cut corners and used flawed documents to foreclose on homes.

Major banks are already under investigation by state officials with subpoena power, who could force them to detail how they handled hundreds of thousands of foreclosure cases.

Federal Reserve Chairman Ben Bernanke added weight to those efforts Monday by saying the central bank would look "intensively" at policies and procedures that might have allowed banks to seize homes improperly.

"We take violation of proper procedures very seriously," Bernanke said in remarks to a housing-finance conference in Arlington, Va.
Call me a cynic, but I think that this is all about creating the appearance of investigating foreclosure fraud without actually finding any wrong doing, because they are the Federal Reserve, and that's how they roll.


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