The consent agreements the bailed-out bankers (B.O.B.s), the feds and the states are largely as had been promised. One big surprise, however, is that the B.O.B.s would now be allowed to systematically overcharge borrowers and steal their homes. Seriously. Who cares about $1 million or $5 million penalties if horrible...
(18) Comments | Posted February 14, 2012 | 2:04 PM
Was April 1st last week? I mean, what a crazy practical joke our federal government and state AGs just tried to play! What a parade of press conferences, all touting a deal to trade some $25 billion in mostly more accurate accounting for some kind of release of origination, servicing...
(6) Comments | Posted February 7, 2012 | 9:51 AM
A shocking aspect of the proposed foreclosure fraud settlement among bailed-out banks, the state attorneys general, and the feds has rightly gotten a lot of attention, namely the bailed-out banks' ability to pay their "penalty" with other people's money. I confess, when I first heard about it, I...
(4) Comments | Posted February 3, 2012 | 10:49 AM
Many -- including me -- have attacked the idea of a multi-state and federal settlement with the biggest bailed-out banks (wearing their mortgage servicing hats) on the grounds that it's wrong to settle something that hasn't been thoroughly investigated. We've also objected by pointing out the numbers on the table...

(5) Comments | Posted March 19, 2012 | 3:04 PM