A fair settlement could facilitate the restart of lending and help accelerate the repair of the housing sector. But if President Obama successfully capitalizes on a deal, banks may be inviting four more years of his anti-Wall Street agenda.
Media reports indicate that banks are poised to reach a settlement with the federal government and state attorneys general over bad mortgage lending practices. Headlines focus on the topline dollars involved—up to $25 billion, according to most accounts. Negotiations have been ongoing for months, and the details are so complex that the implications—legal, economic, and political—can be hard to decipher.
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