Wall Street blames foreclosure problems on everyone besides themselves

For starters, let’s remember who created “liar loans” and the housing bubble. Hold that thought and then let’s look at one or two quick examples of houses that were repossessed illegally even though defaulting on payments had NOTHING to do with the process. Then let’s think about the Wall Street people who created these documents yet now can’t live by the law, as if they are above it. Why is it so hard for Wall Street to live by the law that their lobbyists helped write in the first place? Keep talking Wall Street because you haven’t ticked off the country enough to get real change.

Those on Wall Street, however, are largely unsympathetic, insisting that possible errors in the foreclosure process are beside the point, that the process begins only when a borrower starts missing mortgage payments.

“If you didn’t pay your mortgage, you shouldn’t be in your house. Period. People are getting upset about something that’s just procedural.” said Walter Todd, portfolio manager at Greenwood Capital Associates.

Some said the issue is one of personal responsibility for one’s own debts.

“Everyone’s responsible for following the law. If we all don’t have to pay our mortgage, should we just stop paying taxes, too?” said Anton Schutz, president of Mendon Capital Advisers. “Your mortgage didn’t get to a robo-signer by accident, it’s because you’re not paying.”

Now that is seriously funny. Wall Street spongers talking about responsibility and the law. You can’t even make this up. Please Anton, tell us more about the law and those robo-signers. Then, tell me a bedtime story about personal responsibility and the financial industry.


An American in Paris, France. BA in History & Political Science from Ohio State. Provided consulting services to US software startups, launching new business overseas that have both IPO’d and sold to well-known global software companies. Currently launching a new cloud-based startup. Full bio here.

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