The Fed Suits.

Okay, so the Feds are suing on behalf of Fannie and Freddie. This is a little different than what I was hoping for. This suit is brought by the Feds, for the Feds. It does hurt some of the major banks and its a better expenditure of time and effort by the Feds then what Congress and the President are doing these days, so best of luck.

What I was hoping for, in terms of government action is more like what state attorney generals are doing. And this is what the Blagobamavich administration is trying to "bring under control" (he's got this valuable thing, and he's not going to give it up for free). The states don't have to, and in my opinion should not, abide by the settlement because 1) we don't know exactly how many of these foreclosures are legit, and if they do settle we never will, 2) the banks are liars, and 3) because forget DC that's why.

The banks think this swamp of litigation is going to hurt the economy? Prove it. Seriously, I hear this but I see no legitimate backing for this claim. Support it, argue it. Don't just state it. This is practically the same BS line from GM about "What's good for GM is good for America." What's good for banks is good for America? Nope. There are other banks, who played fair out there, who will not get sued. Maybe they deserve some business since they did not get any government money.

Meanwhile the Feds suing each other... I mean.. suing other banks... over Fannie and Freddie? Do not care. I don't see how that puts people back in their homes. State attorney generals suing banks over their fraud, stopping possible foreclosures? That seems to be more like it. An army of pissed off, lawyered up individual Americans wearing down these guys with death by litigation? That's more like it.