Mortgage Settlement Sounds Better for Homeowners Than It Is
From the hype surrounding the newly announced $26 billion settlement over abusive foreclosure and mortgage servicing practices, one might think that it would single-handedly solve the housing crisis and end underwater mortgages. This is not the case. Like the many versions of President Obama’s refinancing plan, this settlement has large numbers in the aggregate but will probably mean only a little relief for a fairly small number of homeowners. This is not a policy initiative. It is the resolution to court cases against mortgage servicers for some seriously abusive practices. … More
