Neat, eh? TBTF (Too Big To Fail) Crony "It does more for narrow political interests than for aggrieved homeowners." Fascism. BIG GOVERNMENT/BIG FINANCE/BIG SOCIALISM. The leviathan rolls on. Neat, eh?
As FReeper MV=PY's tagline reads, (The Magic Question: Who's paying for it?)
It’s a great deal if you have stocks in those big banks.
“The banks involved will like it, and their investors should draw comfort as well.”
Ally/GMAC
Bank of America
Citi
JPMorgan Chase
Wells Fargo
Mortgage Settlement Is Just Another Stealth Bank Bailout
By Washingtons Blog - February 10th, 2012, 10:30AM
Yet Another Bailout for the Giant Banks … Homeowners Get Hosed Again
The 50-state settlement with the banks (Oklahoma didn’t sign, but supports letting the banks go scot-free) over mortgage fraud is a stealth bank bailout, according to many top observers. See this, this, this, this, this, this, this and this.
This is par for the course … All of Obama’s previous “mortgage relief” programs have really been stealth bank bailouts which screwed the homeowner. And see this.
http://www.ritholtz.com/blog/2012/02/mortgage-settlement-is-just-another-stealth-bank-bailout/
Thanks for the ping, PGalt - I had missed this.
The housing market still has quite a ways to unwind and this should move the process along. The banks, of course, remain a protected species.