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As a former real estate agent who worked post-crash, the real estate crisis is something very interesting to me. This deal is not surprising, and if it's anything like the ones before it will exist almost entirely on paper - the banks will make it hard to collect any restitution and very few people will be eligible for modifications. The parade of foreclosures will go on.

Keeping the banks afloat and encouraging them to grow bigger (with moves like Wachovia being swallowed by Wells-Fargo) was a massive (intentional) mistake that has set the stage for the next step down. The bankers and CEOs are the American royalty and nobility, and they are protecting their privledge... But they should remember that things can go awfully badly for the elites during revolutions. The OWS movement has been put down, but the grudges are still there.

teri schooley

Notice how prosecuting the robo-signing is off the table? And in this "settlement", exactly how many people who were fraudulently kicked out of their homes will get their houses back? That would be zero. Sorry about the house and all, here's 1800 bucks for a few weeks' worth of corn-dogs.

And now we will see the deluge of back-logged foreclosures hit, which is being touted by "experts" as necessary "to clear the market", doncha know. I wonder what the banks will do with all those properties they can't sell....although maybe the House of Saud is in the market for prime US real estate.

"So long, and thanks for all the fish." - big banks to the world.

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