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

Saturday, 11 February 2012 05:25 By Juan González and Amy Goodman, Truthout | Video

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. While the deal is being described as a $25 billion settlement, the banks will only have to pay out a total of $5 billion in cash between them. We speak to one of the settlement’s most prominent critics, Yves Smith, a longtime financial analyst who runs the popular finance website, "Naked Capitalism." "The settlement, on the surface, does look like it’s helping homeowners," 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... The real problem is that this deal is just not going to give that much relief."

Click here to view transcript.

Amy Goodman

Amy Goodman is the host and executive producer of Democracy Now!, a national, daily, independent, award-winning news program airing on over 1,100 public television and radio stations worldwide. Time Magazine named Democracy Now! its "Pick of the Podcasts," along with NBC's Meet the Press.

Juan González

Juan González co-host's Democracy Now! with Amy Goodman. González has been a professional journalist for more than 30 years and a staff columnist at the New York Daily News since 1987. He is a two-time recipient of the George Polk Award.


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

Saturday, 11 February 2012 05:25 By Juan González and Amy Goodman, Truthout | Video

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. While the deal is being described as a $25 billion settlement, the banks will only have to pay out a total of $5 billion in cash between them. We speak to one of the settlement’s most prominent critics, Yves Smith, a longtime financial analyst who runs the popular finance website, "Naked Capitalism." "The settlement, on the surface, does look like it’s helping homeowners," 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... The real problem is that this deal is just not going to give that much relief."

Click here to view transcript.

Amy Goodman

Amy Goodman is the host and executive producer of Democracy Now!, a national, daily, independent, award-winning news program airing on over 1,100 public television and radio stations worldwide. Time Magazine named Democracy Now! its "Pick of the Podcasts," along with NBC's Meet the Press.

Juan González

Juan González co-host's Democracy Now! with Amy Goodman. González has been a professional journalist for more than 30 years and a staff columnist at the New York Daily News since 1987. He is a two-time recipient of the George Polk Award.


Hide Comments

blog comments powered by Disqus