The news is abuzz with this “historic” settlement that gives the big banks a big break and does little for consumers. As we’ve seen in the past, the claims in the press releases and sound bites are rarely close to the reality.
Over the next several weeks I expect to dig into the actual agreement in this column and point our reality vs. political statements. For now, it looks like the main site to get less-filtered and self-congratulatory information from polticians seeking re-election or to bolster their favorite incumbent is
At this moment the Executive Summary isn’t even posted — so it’s anyone’s guess what press releases are based upon. At some future time the actual agreement is to be posted at this site.
At this time the “Servicing Standards Highlights” are posted (probably not final, as they appear to be a reference from the State of Washington). In short, they say: “banks should obey the laws rather than acting as if they are above them.” They can be found at: http://bit.ly/SrvStdHi
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