It looks like the banks have finally gotten a deal that will cost them $25 billion and let them off the hook for the robo-signing scandal. I’m no expert on these things but it doesn’t seem to be that important. The money the banks are coughing up isn’t enough to fix the housing slump. The immunity they received is incredibly narrow. I advise you to ignore people who are freaking out on either side of the argument. We’re still going to be in the same place we were. The housing market is messed up, with too many mortgages under water. The banks are still facing an aggressive investigation of their practices during the housing bubble. The deal may help on the margins. It’s unlikely to have many negative consequences. And most of the people who should be shamed, pauperized, or imprisoned will still get off scot-free.
A Deal With the Banks
