AG Settlement Will Harm, Not Help Economy
March 17, 2012
The recent $25 billion settlement by 49 attorneys general and the Obama Administration against the five largest mortgage servicers for deficiencies in their foreclosure practices is emblematic of misdirected energy and bad public policy. Like the Dodd-Frank financial reform law, the settlement is living proof that the judgment of politicians can be clouded by fixes that sound good, but miss the target. State and federal governments’ need/desire to punish financial services companies is actually constricting lending and impeding the economic recovery.
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