New reports reveal that United States Senator Robert Menendez, child of Hudson politics and member of the Senate Banking Committee has petitioned Fed Chairman Ben Bernanke and the Federal Reserve to prop up a failing bank run by Senator Lesniak and attorney Joseph Ginarte.
Ginarte is widely known as the lawyer who went into pre trial intervention for allegedly beating up his 12 year old son (The Star-Ledger, November 10, 1999, Page 39). …
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In a move that we hope is adopted by municipalities all over the state, banks will be required to maintain foreclosed properties or face fines of $500 per day. We believe that the term “fine” should be replaced with the term “tax.”
Forgive us for indulging in a bit of populism, but if the banks insist upon being so vicious to the very consumers who are bailing them out, then they certainly should be forced to live up to extraordinarily high standards.
By and by, the majority of banks holding foreclosures in middle class neighborhoods are holding those properties because they refuse to work with consumers of their loans.
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