More "spreading the money around" on mortgage forgiveness
AS I listened to some attorneys on my way home today I heard that the DOJ settled a large case with BAC I think where BAC agreed to pay $25B for taxpayers losses on bailing them out and for misconduct in mortgage lending...OKAY I thought, we'll get a tiny percentage we gave that bank back, but NOOOOooooo, that's not how it will work.
I guess the bank is now handing out mortgage modifications willy nilly to even performing loans where there is negative equity. They are not too particular because they have to spend the $25B, so the "fine" will actually greatly improve their own balance sheets should "mark to market" ever return and will increase the performing loan ratio.
So if you made a bad deal, even if you can pay for it you can get hundreds of thousands from taxpayers. If you gave a bad deal your "fine" is to pay back a portion of the money you stole while improving your own portfolio.
And leftys thing Republicans favor big business. Obama often like big business that can help him as he kills small businesses with policy.