February 17 Roundup
From Walter Olsen’s Overlawyered post:
– Mortgage robo-signing settlement not actually as punitive toward the banks as you might think, succeeds in sticking costs onto various parties not at table [FT, more (US taxpayers could wind up covering much of write-down costs through HAMP program); Felix Salmon (write-downs of underwater mortgages should not be assessed at face value); Mark Calabria, Cato and more, Bloomberg (banks managing to offload much of the cramdown onto investors such as pension funds); Daniel Fisher/Forbes one, two, three (banks get covert benefits, politicos get social engineering and fees — shades of the collusive tobacco settlement!); Above the Law (Schneiderman steers money to legal services programs); Linette Lopez, BI (banks still exposed on many issues). More: Hans Bader, John Steele Gordon.