According to a mouthpiece for the banks the banks are all just fine, upstanding corporate citizens (ignore all their crimes and abuses) and consumer advocates are … well, let’s just quote Chris Whalen directly –
“The sad fact is that the consumer advocates, trial lawyers and regulators make a living by perpetuating the notion that all lenders and loan servicers are evil and stupid, and that all consumers are victims. This is simply not the case. There is a whole class of victims – namely the shareholders of banks, investors in private mortgage securities and the US taxpayer — who are being damaged each and every day because of the unfair and self-serving representations made by consumer advocates.
Consumer advocates, let us remember, make a living by exaggerating the misery faced by millions of Americans who have defaulted on their mortgages and face the loss of their homes.”
