Congress

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CNBC editor predicts Congress will retroactively legalize the foreclosure fraud

Congress will pass a bill to "forgive" banks' potentially criminal errors made in foreclosure proceedings, a senior CNBC editor predicts.

Mr. Carney says:

Here’s what is going to happen: Congress will pass a law called something like “The Financial Modernization and Stability Act of 2010” that will retroactively grant mortgage pools the rights in the underlying mortgages that people are worried about. All the screwed up paperwork, lost notes, unassigned security interests will be forgiven by a legislative act....

The [foreclosure] crisis is not driven by economics. It is driven by legal rights. And there’s simply zero probability that the politicians in Washington are going to let Bank of America or Citigroup or JP Morgan Chase fail because of a legal issue.

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