As I suspected would happen, the Obama administration is changing the foreclosure conversation.
With the announcements from Bank of Americaand GMACthat they have not found any major paperwork flaws and are resuming foreclosure sales next week, the threat of a nationwide foreclosure moratorium seems to be abating.
Granted, the administration never did call for that moratorium, and were actually pretty darned quiet throughout the past few weeks, but they did throw around a little tough language about investigating the banks and holding them accountable for any form of fraud. Then, on Sunday, the game began to change.
In a Huffington Post post, HUD secretary Shaun Donovan began shifting the conversation back to the housing market, ever so-slightly, tucking it in while still calling some foreclosure practices, "shameful." Then yesterday we were informed of an "Administration-wide meeting with key federal agencies and regulators regarding the ongoing foreclosure processing issue." Closed to press of course. The HUD Secretary, Treasury Secretary, folks from Justice and other top regulators are confabbing this morning, to what end, I really don't know.
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