Critics of Mortgage Deal Press Obama, State AGs to Reject Big Bank Proposal
OPS_admin | Jan 23, 2012 | Comments 0
Progressives “Furious” at Emerging Details of Mortgage Deal
A long anticipated draft settlement between the nation’s largest private mortgage lenders and US states has been announced, but it doesn’t look good for industry critics who hoped the banking giants — Bank of America, JPMorgan Chase, Wells Fargo, Citibank and Ally Financial —would suffer full investigations and payouts equal to the damage they caused to homeowners and the overall economy. The deal would still have to be accepted by the states.
UPDATE: George Zornick writes at The Nation:
Obama Is on the Brink of a Settlement With the Big Banks—and Progressives Are Furious
For months, a massive federal settlement with big Wall Street banks over their role in the mortgage crisis has been in the offing. The rumored details have always given progressives heartburn: civil immunity, no investigations, inadequate help for homeowners and a small penalty for the banks. Now, on the eve President Obama’s State of the Union address—in which he plans to further advance a populist message against big money and income inequality—the deal may be here, and it’s every bit as ugly as progressives feared.
Full Story Here: Critics of Mortgage Deal Press Obama, State AGs to Reject Big Bank Proposal | Common Dreams.
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