Foreclosure CSI

Treat   foreclosure as a crime scene
By: Matt Stoller
December 15, 2011 11:45 PM EST

Bubbling under the surface   of politics is the foreclosure crisis — where the power of big finance is   brushing up against the rule of law. The party leaders seem to have decided   it is essentially a giant — but unavoidable — tragedy. GOP presidential candidate   Mitt Romney said foreclosures have to clear for the housing market to reset.   The Obama administration, meanwhile, has spent only about $2 billion of the   $75 billion authorized for the Home Affordable Modification Program.But the foreclosure crisis   is not only a few million personal tragedies. It is a few million crime   scenes.. . .

Turning our markets into   playpens for predatory behavior didn’t happen overnight, and it will not be   fixed overnight. But until we have public servants strongly focused on   justice for all, we can expect the crime spree to go on. After all, what   we’re all learning is that, at least for large banks, crime pays.

Matt Stoller worked on   the Dodd-Frank financial reform law and Federal Reserve transparency issues   as a staffer for Rep. Alan Grayson (D-Fla.). He is now a fellow at the   Roosevelt Institute.


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