Could someone please provide an example of where this industry has positively responded to gentle requests? I'm at a complete loss on this one. As friendly as Obama has treated the finance industry, they still scream "socialist" and throw their money at the GOP. Nobody is asking anyone to give a free ride to those who bought real estate that they couldn't afford but there's no reason to ignore the very real problem of proper documents.
Is this the best regulators can do? Asking nicely is no replacement for firm regulation that protects consumers.
Federal regulators sought Wednesday to prevent the growing furor over improper foreclosures from escalating, pressing mortgage lenders to replace flawed and fraudulent court documents while insisting that foreclosures continue apace.
The approach adopted by the Federal Housing Finance Agency (FHFA) is Washington's clearest response so far to a crisis that threatens to roil the national real estate market and overwhelm courts around the country.
Some consumer advocates and lawmakers said the policy was soft on banks and industry insiders and may have little effect, because many lenders are already taking such steps. In addition, the handling of individual court cases is the province not of federal officials but of judges at the state level.
