Here are the top twelve reasons why this deal stinks:
1. We've now set a price for forgeries and fabricating documents. It's $2000 per loan.
2. That $26 billion is actually $5 billion of bank money and the rest is your money.
3. That $5 billion divided among the big banks wouldn't even represent a significant quarterly hit.
4. That $20 billion is a stealth bank bailout.
5. The enforcement is a joke.
6. The past history of servicer consent decrees shows the servicers all fail to comply.
7. The cave-in Nevada and Arizona on the Countrywide settlement suit is a special gift for Bank of America.
8. If the new federal task force were intended to be serious, this deal would have not have been settled.
9. There is plenty of evidence of widespread abuses.
10. A deal on robosiginging serves to cover up the much deeper chain of title problem.
11. Don't bet on the new federal foreclosure task force to improve this picture much.
12. We'll now have to listen to banks and their sycophant defenders declaring victory despite being wrong on the law and the facts.
MORE DETAILS HEREBank Bailout 2: Obama Lets Mortgage Abusers Off the Hook
The Obama Administration has followed a predictable pattern: Leave No One Accountable
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