What is Wrong With the Federal Reserve Report -before I’ve read it

Posted on March 11, 2011

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To be fair, it hasn’t been released yet.

According to members of The Federal Reserve’s Consumer Advisory Council, only five hundred mortgages were looked at. There are millions of mortgages here on the United States, and they only looked at five hundred? And it took them months to do it? Five hundred is not an adequate random sample. And how was the randomness of the sample population assured? How were the five hundred selected for that sample? These are questions that bear responses.

How was “wrongful foreclosure” defined? It couldn’t have included taking someone’s house when they didn’t have a mortgage at all, since that has already happened. It couldn’t have included taking an active service member’s home since that has already happened, too.

A lot of questions abound regarding this Federal Reserve report. Many of those questions will be made obsolete by last minute rewrites to the report.

See the article here.

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