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In a Bank Settlement, Don’t Forget the Bulldozers

A win-win. That’s how people on both sides of the negotiating table will undoubtedly characterize the long-awaited, $16 billion-plus mortgage settlement that Bank of America is expected to reach with the Justice Department this week. For federal and state governments, the deal will mean billions in cash and borrower assistance. For the bank, the agreement will help it get past its mortgage woes, many emanating from its 2008 purchase of Countrywide Financial, a truly toxic lender.

As has become typical in these settlements, troubled borrowers across the country will most likely receive aid in the form of reductions in what they owe on their mortgages. Money will probably also be set aside for loan counseling, an important tool for countering predatory lending.

via In a Bank Settlement, Don’t Forget the Bulldozers – NYTimes.com.

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