Bank of America delays foreclosures in 23 states

   During the height of the real estate boom when anyone with a pulse was able to get a home loan, banks were signing off on mortgages like risk was dead. Back then, banks couldn't process mortgages fast enough and liar loans were approved without much of a background check or due diligence.

   All of that laxity came back to haunt and nearly destroy the big banks during the real estate crash of 2008-2009 when loans soured like milk under a hot Alabama sun. Now, news come from the likes of JP Morgan, GMAC Mortgage, and Bank of America that they didn't do their due diligence when processing foreclosure documents. Homeowners in foreclosure now have the process delayed while the banks go through the paperwork to determine if the foreclosures were properly handled.

   Are the banks really this shitty? Well, yeah, I guess so. When big banks have the full backing of Uncle Sam and by proxy, the American taxpayer, banks have a blank check to do whatever they want. When they take on too much risk and that risk bites them in the ass, it's okay. Taxpayers will bail them out. Bail Out Nation. That has a nice ring to it.