A few days ago, Mitt Romney pointed out that the banks are carrying debt on their books at inflated values. When was the last serious politician to make that point, openly? His comments were refreshingly honest about our housing and banking situation and the need for a debt write-down.
Remove foreclosure as an outcome of non-payment and an entirely fresh vision of borrower-lender relationship is put in place, now as cooperating partners, as in a business deal, because that's really what it is.
The reported outlines of the proposed settlement of the robo-mortgage scandal by 46 state attorneys general working together shows how far we have diverged from the basic principles of egalitarian capitalism.