WASHINGTON |
WASHINGTON (Reuters) – A settlement proposal by state attorneys general with the five biggest U.S. mortgage servicers stands out less for what it contains than for what it omits — terms for resolving the most difficult issues dividing regulators and the big banks.
The proposal, which calls for a dramatic increase in loan modifications, is intended as the basis for settling allegations of widespread wrongdoing by the big loan servicers in handling millions of foreclosures.
Once again settling is abject stupidity at its finest.