Posted by Jonathan J. Miller -Wednesday, February 29, 2012, 1:07 PM
I shared Barry Ritholtz’s column over my twitter account when it came out a few days ago but decided for additional emphasis, I needed to post it here.
From my perspective, the $26B was a nominal rounding error despite the trillions in mortgage related fraud that occurred during the credit/housing boom. For essential context and the stunning lack of fairness to “Main Street” the agreement speaks volumes about why we can’t fight our way out of a paper bag (housing crisis).
If you want to gain perspective on the settlement deal, then you must read his blog post and his column. Please.
Foreclosure settlement a failure of law, a triumph for bank attorneys [Washington Post]
The Robosigning Deal is a Useless Embarrassment [Ritholtz/Big Picture]