The consent agreements the bailed-out bankers (B.O.B.s), the feds and the states are largely as had been promised. One big surprise, however, is that the B.O.B.s would now be allowed to systematically overcharge borrowers and steal their homes. Seriously.
As was originally reported last night, Bank of America is announcing a big settlement over bad mortgages, and that will lead to a big loss this quarter. Here's the key part from the announcement: The agreement includes a cash paymen... Read Post
Jesse Eisinger has a great artice in the NYT, “After Bailout, Giants Allowed to Dominate the Mortgage Business,” which says a great deal about how the Fed looks at the economic world. Allow me to expand on Jesse’s work. The problem ... Read Post