Comments on: Banks’ $110 billion mortgage payout: where did it go?

By: Corrupt Feedback Chains: Justice Dept. Extortion | Jeb Kinnison

Corrupt Feedback Chains: Justice Dept. Extortion | Jeb Kinnison — Tue, 15 Mar 2016 22:00:23 +0000

[…] Overlawyered reports on a WSJ story (behind a paywall, unfortunately) discussing the fate of the $110 billion in fines paid by mortgage banks to settle with the Justice Dept.: […]

By: Anonymous Attorney

Anonymous Attorney — Tue, 15 Mar 2016 15:41:29 +0000

What was the great mystery with the mortgage meltdown? Mortgages are not complex financial transactions. You borrow money on a promise to pay it back. The end. I kept hearing about the need for “more regulations” to prevent such things in the future, but what regulation, exactly? Seems it’s not too hard to figure out who’s a good bet and who’s not. But it’s damned-if-you-do, damned-if-you-don’t: tighter lending restrictions will inevitably lead to cries of discrimination.

By: Robert

Robert — Tue, 15 Mar 2016 12:45:32 +0000

Good! Because the people who _least_ deserved it were the folks who lied about their financial situation and took out mortgages they had no chance of every paying back (and in many cases lived in houses rent- and mortgage-free for years until the property was foreclosed and never paying income tax on this imputed income).