| New agreements between banks and federal regulators are unlikely to curb foreclosures. The Times says "It gets worse. Consumer advocates have warned that banks may try to assert that these legal agreements pre-empt actions by the states to correct and punish foreclosure abuses. Banks may also try to argue that any additional rules by the new Consumer Financial Protection Bureau to help borrowers would be excessive regulation...All homeowners will suffer as a result. Some 6.7 million homes have already been lost in the housing bust, and another 3.3 million will be lost through 2012. The plunge in home equity -- $5.6 trillion so far -- hits everyone because foreclosures are a drag on all house prices." |
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At www.nytimes.com
At www.nytimes.com
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