But remember, they are the professionals. Just because they are unable to locate the documents for 20% of the mortgages they theoretically own doesn't mean they should be held accountable, according to the banks. They argue that it's all the fault of the homeowners who are calling them out who are the problem. They are the ones preventing others from receiving new loans.
It's no wonder the Qatar Sovereign Wealth Fund ($60 billion in assets) is avoiding investments in US banks. They know it's going to get worse because the banks ignored common sense and have fallen into a hole. Keep in mind as well that McCain's "economic brain" Phil Gramm helped set up the financial industry for this fall by forcing through the bankers dream legislation, Gramm-Leach-Bliley Act in 1999. Banking regulations were thrown out the window because of course, banks can self-regulate. Just look at how well they've done. In a McCain administration we could expect more of the same in banking as well as health care. Just imagine the possibilities...
