PW I think the thing that irks me is the somewhat gullible nature for anyone to believe anything that these guys say. Our federal, state, and local government officials are as inept as could be. In any other private institution these guys would at least be fired and at best be facing criminal charges.

With that said if somebody thinks that McAllister has a little red phone on his desk so that he can call up Countrywide or Wamu and ask what the rate of foreclosures are for this or that month, is laughable. The fact that he can make an announcement like that and not one idiot is smart enough to go to him and say, “Maybe it is because of the legislation enacted in July” proves that the sheep are as dumb or dumber then the sheppard but shame on us or the press for not doing that.

The bottom line is actually the other way around. It is the lenders that have the ability to declare a homeowner in default when a homeowner does not pay taxes. This is because the government is senior to the lender. So in tax defaults lenders will want to get the home before the government does.

I would say we both have the same opinion of our lofty leaders.

I am just irritated by the whole thing so I didn’t mean to come down on the op or other posters on it. It just seems obvious to me that’s all.