The Bank Settlement

What can we say about this week's settlement with the banks over the "robo-signing" charges?

The facts of the situation are as follows: Millions of individuals took out loans with full cognizance of what they were doing and because, as Peter Wallison and Edward Pinto have demonstrated, they were incentivized by federal programs at Fannie Mae, Freddie Mac, and HUD to take out these loans. Those individuals defaulted on their loans. The banks that held those loans foreclosed on them. In a tiny fraction of the foreclosures, the banks made minor paperwork errors. Democratic Attorneys General, like Kamala Harris of California and Eric Schneiderman of New York and Beau Biden of Delaware, blew these errors up out of all proportion and waged a public relations and legal campaign to demonize the banks and shake them down for billions of dollars. These billions of dollars are going to be paid out to those individuals who defaulted on their loans. In many cases, these individuals have been living in their houses for months or even years now without paying any mortgage payments. The banks will cover the costs of making these payments by raising the fees they charge to you.

Is there no sense of shame left anymore? Doesn't this outrage you, America? This is what Progressivism and Obamaism has brought us.