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In reality, a $25bn mortgage deal with banks is a drop in the ocean, given US homeowners' $700bn of negative equity.

http://bit.ly/wmU176


From Information Clearing House

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Fifty-State, $25 Billion Mortgage Settlement: Relief for Struggling Homeowners or Bailout for Big Banks?

Video

Amy Goodman and Juan Gonzalez, Democracy Now!: ''The U.S. Justice Department has unveiled a record mortgage settlement with the nation's five largest banks to resolve claims over faulty foreclosures and mortgage practices that have indebted and displaced homeowners and sunk the nation's economy.... 'The settlement, on the surface, does look like it's helping homeowners,' [longtime financial analyst Yves] Smith says. 'But, in fact, the bigger part that most people don't recognize is the way it actually helps the banks with mortgages on their own books.''

http://www.truth-out.org/50-state-25-billion-mortgage-settlement-relief-struggling-homeowners-or-bailout-big-banks/1328977232



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