Relevant:
- Banks report $51 billion in consumer relief in mortgage settlement
- After Mortgage Settlement, Banks Continued Abusive Practice, California Monitor Says
- Kamala Harris, California Attorney General, Touts Lame Bank Settlement In DNC Speech
- 50-State, $25B Mortgage Settlement: Relief for Struggling Homeowners or Bailout for Big Banks?
- $25B deal with banks over deceptive foreclosure practices sent to AGs as settlement nears
2012-11-20 — nakedcapitalism.com
As we and others have written at considerable length, the mortgage settlement was a big exercise in optics. The $26.1 billion number sounds impressive until you compare it to the size of the housing market and the damage done to homeowners. 40% of the value of the settlement can come from junk credits, things the banks would have done anyhow or should be doing in the normal course of business, like razing vacant homes, short sales, and giving homes to charities.
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