Here we have the trotting out of the old myth that you just couldn't stop 10 million people from losing their homes because of mortgage trustee permissions.
That all the paper was fraudulent doesn't enter into the consideration.
That all the paper was fraudulent doesn't enter into the consideration.
https://twitter.com/greg_ip/status/1359529521809088512
The foreclosure fraud settlement was unconscionable but it did order (meager) relief on first-lien mortgages that puts the lie to this idea that you couldn't modify loans because the permissions were so tangled. It's a lie sold by people like Michael Barr who failed homeowners.
Barr also failed the financial system by weakening prop trading and derivative reform, using the self-fulfilling prophecy that it would become loophole-ridden.
Ip is not wrong that the OCC fight is a proxy fight about Obama-era technocracy in bank regulation. He's wrong about who should win that fight.
• • •
Missing some Tweet in this thread? You can try to
force a refresh
