How Banks Can Fix the Foreclosure Crisis

   Daniel Gross has written an article for Yahoo Finance which states that banks can "Fix the Foreclosure Crisis" by doing the following:

"Jamie Dimon of J.P. Morgan Chase, Brian Moynihan of Bank of America, and other banking CEOs willing to show their face in public should call a press conference today and announce their intention to hired 50,000 people to deal with all aspects of the foreclosure crisis. They should hire processors who will actually read the legal documents, but also professionals to work on debtor counseling and modification, landscapers to mow loans of real estate they own, and security guards who will ensure that repossessed homes aren't stripped or occupied by squatters."

   Does Daniel Gross live in a fantasy land where 50,000 people can be hired and marshalled into a foreclosure force capable of efficiently going through the muddle that is the American real estate crisis? How long will it take for the banks to train those 50,000 people and ensure that the foreclosure process is performed in admirable fashion? My estimate would be at least 3-5 years and banks aren't going to invest the capital and time for that. In the eyes of the banks, hacking and slashing people out of their homes should be quick and painful. Daniel goes on in the article to state the following:

"Doing so would help put a small chunk of the underemployed workforce back on the job.  It would be a bold, public gesture that might spur other companies to hire. It would demonstrate to courts and politicians that the banks are finally getting serious about getting on top of the problem. Perhaps some of the newly employed will use their wages to stay current on their mortgages, and the banks can certainly afford it. Fifty thousand people at $50,000 per year comes to $2.5 billion. J.P. Morgan Chase earned $4.8 billion in the second quarter. In other words, it would cost the industry about what one of its leading members makes in seven weeks."   

   Since when was altriusm part of any banks' business model or vernacular? I found this sentence particularly laughable" "It would be a bold, public gesture that might spur other companies to hire." HAHAHA. Daniel, you do live in fantasy land. Can I join you and look at the unicorns and rainbows? Daniel insinuates that just because banks hire people, other businesses like Dunkin' Donuts, Saks Fifth Avenue, and British Petroleum are going to start hiring people too. Damn, that's the kind of logic that writers for Yahoo are capable of? He even works out the equation for hiring 50,000 people and then multiplies everyone's $50,000 in annual wages to come up with $2.5 billion in total wages. This guy is a simpleton of the highest order and he can't be taken seriously. I'm done with this guy and his future articles will be shitcanned immediately.