National Mortgage Settlement All But Inevitable As California, New York Join Deal

[lefairhill06]

25. Not Such Small Stuff

From all the reporting over the past 2-3 years, seems there are still a number of issues with which the big banks will have to contend under the Justice Department investigation: bundling and re-sale violations, foreclosing on thousands(?)/millions(?) with improper or no documentation, and so forth. The Justice Department will still have access to information already gathered by the States' Attorneys General (their activity heretofore, including the robo-signing, has been at the State level) -- you know, jurisdictional issues and the like. On their own, $25B may be all the SAGs could accomplish (still, for victims, not small change); now, there can be another crack coordinated at the Federal level. Not saying it is fast, and probably will never be enough, but sitting around doing nothing or worse, waiting for the "market" to hit bottom -- over 50 different States that could take some time -- wasn't doing much to solve the problem either.