Foreclosure In Print
Some banking interests in Tennessee want to end the practice of publishing foreclosure notices in the paper. I explain why the reputation of the banking community could take a hit with such a move:
It seems that Tennessee's bankers may have forgotten that since the credit-induced economic depression from which the nation has yet to fully recover struck Tennessee and America, they've developed more than a bit of an image problem.
The reader may say "Oatney, isn't that the fault of the consumers for making irresponsible decisions?" In the end, of course, credit default or foreclosure of property are absolutely the fault of the people who made wrong-headed financial choices. However, large banking and credit interests also made bad choices by willingly extending credit to extremely high risk debtors who would never have gotten any credit at all 20 to 30 years ago and lobbying the government to force small community banks to do the same over the years (and then often buying the bad loans from the small banks when the little man couldn't play the collection game very well). The big boys, after all, could make a ton off of interest! When the house of cards came tumbling down, many of the people who were ultimately responsible for the extension of bad credit to high risks asked the federal government to bail them out.
Labels: Economy, Local politics, Tennessee politics