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Squashed: On this $26 billion dollar mortgage settlement

squashed:

Speaking tentatively, because I don’t have all the details I would like, I’m happy with this settlement. It’s huge. As in, it’s over three tines bigger than the huge tobacco settlement. Critically, it also preserves borrower’s rights to sue.

Here’s the bottom line: a dead bank on a platter…

Meanwhile, I can stop worrying that a bunch of mortgage morons / crooks are going to put me out of a job. It’s a good day.

But pour one out for the sanctity of contracts, huh?

  • 09/02/12
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14 Notes

  1. spacer mindbabies liked this
  2. spacer sarahlee310 liked this
  3. squashedcomments reblogged this from firthofforth and added:
    Criminal liability and numerous state-specific claims are preempted by the settlement.
  4. spacer elusivemusings liked this
  5. firthofforth reblogged this from squashedcomments and added:
    But the settlement was enjoined by the attorneys general, no? So with prosecutors having agreed not to pursue criminal...
  6. spacer therealsaisai said: Wasn’t the tobacco MSA $200 billion? en.wikipedia.org/wiki/To…
  7. squashedcomments reblogged this from firthofforth and added:
    As a general rule, civil courts don’t distribute...much more narrow set
  8. spacer think4yourself liked this
  9. think4yourself reblogged this from squashed
  10. thecallus reblogged this from squashed and added:
    can stop worrying...bunch of mortgage morons / crooks are going to put me out
  11. firthofforth reblogged this from andrewgraham and added:
    The question isn’t just over the “dead bank”; it’s the executives within it. Do they escape criminal charges? Moreover,...
  12. spacer thecallus liked this
  13. spacer shorterexcerpts said: If it’s fraud, why aren’t some executives being charged with fraud and going to jail?
  14. andrewgraham reblogged this from squashed and added:
    Word. WSJ coverage here.
  15. squashed posted this