One of the things we always need to be careful of is letting down after a big fight comes to a conclusion. With the banking settlement finished, one phase of the fight for Wall Street accountability is over, but now we enter an even more important next phase.
Why is Edward DeMarco still in this important post? We need leaders to solve our housing problem. Instead, this responsibility has been left in the hands of an ideologue whose deregulatory dream world is made up of nothing but rainbows.
You might have missed it among the long, long to-do list Obama gave last night, but the president announced two new housing proposals: more refinancing, and more investigations of banks. Neither is a breakthrough.
Most financial firms are in the beginning stages of data reform, and it's important to remember that this is new for most of us. This is a monumental challenge that will take time and resources, but the industry is heading in the right direction.
The bottom line is that communities are faced with growing costs from abandonment when they can least afford it and they are struggling to find creative ways to address the needs of government for revenue and communities for relief.