Believed to be driving a large bus.
We could be seeing the end of the private mortgage market in the United States, replaced a government-directed taxpayer-guaranteed regime, with large roles (and cash) for shakedown artists like Bruce Marks.
Make no mistake, part of the reason — perhaps even the reason — Bank of America has rushed to get out from under TARP is avoid having the feds compel them to do the kind of “modifications” — complete loan re-writes in many cases — Marks and NACA advocate. BAC and the other big zombie banks can live with Marks’ little traveling circus modifying a few thousand loans at a time. It also helps deflect criticism from regulators and legislators in DC. However, a couple million modfications as mandated by official federally policy? Can’t be done, not with these balance sheets. An honest banking system would just immediately put the banks into receivership and put Uncle Sam in charge.
But that is what Marks and his radical allies in Congress want: “Affordable housing” as a federally-supplied right, not unlike health care insurance.
Update: John Stossel on why Marks and his ilk are enemies of mankind.
