U.S., Banks Agree on $26 Billion Foreclosure Pact - WSJ.com
Of course its easy to run and hide from the liberal government's attempt to expand home ownership by legislating reduced standards; plus, of course, no interest in limiting Fannie and Freddie.
Then of course, the average member of the public acted like a lemming in paying more and more for houses without commensurate increases in income or limits on supply.
Oh yes, then the regulators (S&P, etc.) who by law and regulation had ultra power to rate financial instruments, they jumped on the same looser standards with no change in AAA rating.
To now blame the most private sector part of the economy in order to exculpate the critical role F & F played and the Congress (think Frank and Dodd) is going to backfire and once again hurt the average middle class person to be considered for credit.
Whenever the blame is shifted unfairly (i.e. the banks) to serve political ends (cover the liberals' a... for their policies) and now to try and support housing without increasing the Federal deficit, etc.
--- sorry to see you've bought into all these free lunch charades.
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