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Returning to Eminent Domain for Underwater Mortgages

Almost a year ago, The Economist calculated the cost to the big banks of Financial Crisis litigation at that time at nearly $100 billion. Since then, the U.S. Department of Justice has reached large settlements with two additional banks, Citigroup and Bank of America, which raised the price tag another $23 billion. That $100 billion figure highlighted by The Economist included a $32 billion agreement with some of the biggest banks to settle what has come to be known as the robo-sign scandal: where low-level bank officials fabricated court documents in tens of thousands, if not hundreds of thousands, of foreclosure cases. The Department of Justice is using these and other settlements to pressure more banks to resolve still outstanding mortgage claims.

via Returning to Eminent Domain for Underwater Mortgages: Speak Quietly and Swing a Big Stick | Ray Brescia.

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