February 27, 2011

Too High for Fairness, Too Low to Matter

Here’s another example of your tax dollars at play.

Rep. Waters: $20 Billion Settlement Would Be Too Low

By Nick Timiraos, The Wall St Journal, February 25, 2011, 10:56 AM ET

A top Democrat on the House Financial Services Committee signaled that the broad outlines of a settlement to resolve mortgage-servicer abuses should push for penalties higher than the reported $20 billion figure.

On Thursday, the Journal reported that the Obama administration, federal regulators, and state attorneys general were ironing out broad outlines of a settlement to resolve abuses that first surfaced when foreclosure processes broke down last fall. The settlement could push for banks to write down loan balances for troubled borrowers, and several stakeholders in the talks have pushed for a settlement of more than $20 billion.

Here’s the quote that caught my eye in this piece on spanking bankers for taking away peoples’ homes by forging documents:

The banking industry has knocked the Obama administration’s nascent proposal, saying that the settlement is too large relative to the size of their abuses and that it is also too small to have any meaningful impact on the housing market.

So what would have meaningful impact on the housing market?  I’m sure you all have some excellent ideas what would work.  Shakespeare said in Henry VI, “The first thing we do, let’s kill all the lawyers.”  So what should we do to the bankers?

Comments (6) -- Posted by: madhaus @ 5:15 am

6 Responses to “Too High for Fairness, Too Low to Matter”

  1. madhaus Says:

    The next thing we do, let’s kill all the bankers. After that, bye-bye politicians. And then, the network engineers. But only the top four layers.

  2. nomadic Says:

    I think it would be more satisfying to cut bankers’ wages to minimum wage for the rest of their lives. ;-)

  3. madhaus Says:

    Somebody’s negging. Must be a Transport weenie.

  4. Alex Says:

    hang the bankers in public.

  5. The Gilroy Alex Says:

    Feed ‘em into a wood chipper.

  6. DreamT Says:

    If it’s too high for some and too low for others, if nobody’s satisfied, then you’ve probably hit the right amount.


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