Since 2008, complaints about some of the biggest banks in the United States have not been hard to find. One of the most recent commentators to speak out about problems with the banks, however, is a powerful official from the U.S. Federal Reserve. William Dudley, the president of the New York Federal Reserve bank, shared some harsh criticisms about ethical failings and cultural problems at major U.S. banks.
Miami foreclosure lawyers know that many place blame for the foreclosure crisis at the feet of these banks that encourage lenders to give out bad mortgage loans and then packaged those loans for sale to investors who thought they were buying AAA rated debt. Robo-signing scandals and other foreclosure problems have also come to light and cast further doubt on whether big banks are playing fair. Now, William Dudley has indicated that Wall Street investment firms and too-big-to-fail banks may have a systemic problem that calls for a "cultural shift" in order to restore the public's trust in a troubled industry.