Obamas mortgage settlement will "heal the market" by throwing more people out of their homes
The $25 billion settlement with banks over foreclosure abuses may trigger a wave of home seizures, inflicting short-term pain on delinquent U.S. borrowers while making a long-term housing recovery more likely.
Lenders slowed the pace of foreclosures as they negotiated with attorneys general in all 50 states for more than a year over allegations of faulty and fraudulent paperwork used to repossess homes. With today’s agreement, banks are likely to resume property seizures.
Now, it used to be a felony for a bankster to forge a document in a foreclosure. But now, as the settlement shows, that's just a cost of doing business and a $2000 fine. Chump change.
Does anybody really believe that the banksters won't fire up the ol' robosigners and throw people out of their homes as fast as they can? Especially since with MERS and LPS, they completely fucked up the chain of title anyhow?