Bang head here moment: Red. Reserve fighting efforts to rein in widely reported bank abuses.

[dixiegrrrrl]

The Fed and OCC are resisting cracking down on ILLEGAL fees and IMPROPER foreclosures.

WASHINGTON -- Top policymakers at the Federal Reserve are fighting efforts to rein in widely reported bank abuses, sparking an inter-agency feud with the FDIC and the Treasury Department. The Fed, along with the more bank-friendly Office of the Comptroller of the Currency, is resisting moves to craft rules cracking down on banks that charge illegal fees and carry out improper foreclosures. The FDIC supports such rules, according to an FDIC official involved in the dispute.

The new regulations would rein in debt collection, loan modification and foreclosure proceedings at bank divisions called "mortgage servicers." Servicers have committed widespread fraud in the foreclosure process. While the recent robo-signing of fraudulent documents has received the most attention, consumer advocates have complained about improper fees and servicer mistakes that lead to foreclosure for years.

More:

http://www.huffingtonpost.com/2010/12/21/federal-blocks-new-forecl_n_800010.html

[Hugin]

1. K&R

:kick:

[Angry Dragon]

2. Close them down and throw them in jail

[Elmore Furth]

3. The problems that led to the Great Recession haven't been addressed

So why should this be any different?

[ThomCat]

5. Yes, and when we collapse into another great depression

somehow everyone will absolve Obama of any responsibility, even though he's doing nothing to prevent it from happening on his watch. :(

He could have appointed real watchdogs, truly responsible people in the Dept of the Treasury to fight for us and represent us. He could have been lobbying hard for regulations, and putting pressure on the Fed all along. None of that has been happening.

The only person we got, after a long wait and a lot of hemming and hawing is Elizabeth Warren, one person, and it still isn't even sure if she has any authority to do anything.

[PoliticAverse]

4. Who owns the Fed?... n/t

[dixiegrrrrl]

6. It is a quasi private banking system.

Supposed to be overseen by Congress, but refuses oversight, essentially.

Wiki has good explanation.

[jotsy]

7. The banks do.

There's a bundle of information out there, this is just a couple. Always corroborate independently.

<http://www.youtube.com/watch?v=_dmPchuXIXQ&feature=related>

<http://www.youtube.com/watch?v=oTypV_LPiYI>