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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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    have note been ruled out.   Just a federal  investigation ended on five banks for a limited number of years on one tip of the iceberg problem.   It is one huge ugly iceberg.   Most of it remains below the surface and needs to be brought into the sunshine to melt.

    Too many people in my opinion have painted this problem as a monolith, one inseparable whole.   There are different agencies, different laws and regulations, criminal vs. civil, public vs private, homeowners vs. banks, investors vs. banks, dirt law, securities law, federal claims, state claims.   Each need to be addressed and we may have dozens more settlements or trials of cases such as Schneiderman's,  more cases by homeowners, and we see very little of what is playing out with the big investors.    This settlement isn't an 'all is forgiven, go forth and sin no more' end to the entire mortgage debacle.

    And in the end, the real solution is still unfortunately political.   People have to get the money out of politics so that the government once again has realistic regulations on these entities, criminal aspects with real teeth.   The time to fix a problem like a securities bubble is before it starts.  Anything else will ALWAYS be too little, too late.  

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