This Will Never Happen: The Good Faith Requirement for Banks

The financiers’ publication American Banker reports that Rep. Maxine Waters, who chairs the House Financial Services housing subcommittee, is drafting legislation that would ban foreclosures unless lenders make good-faith efforts to keep borrowers in their home and would require reporting on modifications. This not yet even introduced bill has already drawn a thunderstorm of outrage from the banking community. After months of haggling the banking community agreed to a meaningless 30 day extension on some foreclosures, but asking for good faith negotiations is asking way too much! Next thing you know they’ll be asking for warrants for wiretaps.  At least someone is asking for something substantive and not more window dressing for the problem

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