US Rep. Barney Franks committee hearing today questioned Mr. Robert Steel of the Treasury Department, who said that banks do not try to get people into foreclosure situations. Capitalist coldhearted reality unlikely, as for example Bank of America rewards its loan officers/staff for getting people to unwisely sign on for multiple loans, whether or not these people can really afford them. I have seen these reward trips in San Francisco at Christmas time, with the loan officers most successful at increased debt of individuals staying in luxury hotels and eating luxury meals , paid for as reward, by Bank of America.
