Viewpoints: What's Good/Not so Good About Mortgage Deal?
Thursday, February 9, 2012
San Diego Union-Tribune -- After a year of contentious negotiations, five of the nation's leading banks have agreed to pay $25 billion over using so-called "robo-signers" to process foreclosures.
Here is a look at the pluses and minuses of the settlement.
... Mark Riedy, executive director, Burnham-Moores Center for Real Estate University of San Diego
This is a win-lose situation where some of the winners don’t deserve to win and some of the losers weren’t necessarily the actual perpetrators.
I’m not sure what it accomplishes in terms of punishing anybody. The people who wrote most of these mortgages are long gone. The regulators who were asleep at the switch and did nothing to stop this get off totally free, as if it wasn’t their fault. If they had been doing their job, we wouldn’t have had this problem. (Full Story)