I wrote a quick letter to the editor in response to this article:
Bank of America in $8.5B mortgage settlement
Chris Kahn wrote in the Bank of America article (June 29 2011), "Countrywide enriched itself at the expense of investors by continuing to service bad loans while running up servicing fees." Isn't this the principal concern of business: to make a profit at the expense of others' lack of knowledge or skill? Where are all the "free market"
advocates on this? They usually say they don't want regulations interfering with the almighty invisible hand, so why not let BofA and its subsidiaries grab as much money as they can from consumers/investors? Rather, they prefer to complain about the government using money to help those who suffer from poverty. Until we decide to move to a resource-based economy, these kinds of uncomfortable business practices will remain with us.
Bank of America in $8.5B mortgage settlement
Chris Kahn wrote in the Bank of America article (June 29 2011), "Countrywide enriched itself at the expense of investors by continuing to service bad loans while running up servicing fees." Isn't this the principal concern of business: to make a profit at the expense of others' lack of knowledge or skill? Where are all the "free market"
advocates on this? They usually say they don't want regulations interfering with the almighty invisible hand, so why not let BofA and its subsidiaries grab as much money as they can from consumers/investors? Rather, they prefer to complain about the government using money to help those who suffer from poverty. Until we decide to move to a resource-based economy, these kinds of uncomfortable business practices will remain with us.
The Banks are admitting their wrongdoing - why can't the Judges see that and not let the banks steel homes?
ReplyDelete