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View Diary: NY Atty. Gen. Schneiderman LOVES Today's Mortgage Fraud Deal. UPDATED x3 Liz Warren Likes it Too! (261 comments)

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  •  The settlement gives a release from all (2+ / 0-)
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    mightymouse, Phoebe Loosinhouse

    state and federal lawsuits surrounding servicing of foreclosures, but doesn't give a release for origination or packaging of these loans.  So basically, it means the banks can't be sued for illegally having taken people's homes as those people can now apply for the $2000 checks.  Note that it doesn't release the mega-banks from individual lawsuits by individual homeowners, but really, even with $5000 (the maximum per household legal services provided by the settlement, at least in states where Republicans don't use the money to fill budget holes), how much effort can a broke and broken homeowner devote to retribution when they still have to put food on the table?

    I'm sorry, but your reality simply doesn't fit my economic model.

    by Reframing the Debate on Fri Feb 10, 2012 at 05:25:23 AM PST

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