HomeLatest ThreadsGreatest ThreadsForums & GroupsMy SubscriptionsMy Posts
DU Home » Latest Threads » Forums & Groups » Main » Good Reads (Forum) » NYT Editorial: The Banks ...

Sun Mar 18, 2012, 10:41 AM

NYT Editorial: The Banks Win, Again

So homeowners are still bearing the brunt of the mortgage debacle. Taxpayers are still supporting too-big-to-fail banks. And banks are still not being held accountable.
http://www.eschatonblog.com/2012/03/about-right.html?utm_source=feedburner&utm_medium=feed&utm_campaign=Feed%3A+blogspot%2FbRuz+%28Eschaton%29


EDITORIAL
The Banks Win, Again

Published: March 17, 2012


Last week was a big one for the banks. On Monday, the foreclosure settlement between the big banks and federal and state officials was filed in federal court, and it is now awaiting a judge’s all-but-certain approval. On Tuesday, the Federal Reserve announced the much-anticipated results of the latest round of bank stress tests.

How did the banks do on both? Pretty well, thank you — and better than homeowners and American taxpayers.

That is not only unfair, given banks’ huge culpability in the mortgage bubble and financial meltdown. It also means that homeowners and the economy still need more relief, and that the banks, without more meaningful punishment, will not be deterred from the next round of misbehavior.

Under the terms of the settlement, the banks will provide $26 billion worth of relief to borrowers and aid to states for antiforeclosure efforts. In exchange, they will get immunity from government civil lawsuits for a litany of alleged abuses, including wrongful denial of loan modifications and wrongful foreclosures. That $26 billion is paltry compared with the scale of wrongdoing and ensuing damage, including 4 million homeowners who have lost their homes, 3.3 million others who are in or near foreclosure, and more than 11 million borrowers who are underwater by $700 billion.

the rest:
http://www.nytimes.com/2012/03/18/opinion/sunday/the-banks-win-again.html?_r=2&hpw

3 replies, 1283 views

Reply to this thread

Back to top Alert abuse

Always highlight: 10 newest replies | Replies posted after I mark a forum
Replies to this discussion thread
Arrow 3 replies Author Time Post
Reply NYT Editorial: The Banks Win, Again (Original post)
kpete Mar 2012 OP
gateley Mar 2012 #1
saras Mar 2012 #2
Stuart G Mar 2012 #3

Response to kpete (Original post)

Sun Mar 18, 2012, 11:00 AM

1. Sigh. nt

Reply to this post

Back to top Alert abuse Link here Permalink


Response to kpete (Original post)

Sun Mar 18, 2012, 02:27 PM

2. Has it ever been in question?

 

Reply to this post

Back to top Alert abuse Link here Permalink


Response to kpete (Original post)

Sun Mar 18, 2012, 03:04 PM

3. Thanks For Posting, k and r..nt

Reply to this post

Back to top Alert abuse Link here Permalink

Reply to this thread