The big news this week is that the U.S. Department of Justice, Eric Holder & Co., has reached a mass settlement in the housing bubble scandal.
It’s a settlement of more than $25 billion dollars. That’s to pay for all the phony loans, the robo-signing deals by phony bank officials who never ever looked at your real estate closing documents. Attorneys General across the country are hailing it as a landmark settlement, a massive achievement, to help cash-strapped and bankrupted homeowners. They’re holding news conferences and talking about how hard they fight for the average consumer.