A proposed $25 billion settlement between five big banks, state attorneys general and the Obama administration may help resolve some of the thornier legal issues surrounding the mortgage mess that caused the housing market to collapse.
It will do relatively little to stop the ongoing wave of home foreclosures or revive the deeply depressed housing market, however.
Of course it doesn't help. It was designed to codify all of those ill gotten gains.
ReplyDeleteThe only way to prevent stuff like this from happening again is to tie this companies up in court for a long time, prosecute individuals for criminal conduct, and force them to take large financial losses.