Matt Taibbi Assesses the $26 Billion Settlement Designed to Aid Victims of Foreclosure Fraud

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Countdown / Current TV

Matt Taibbi Assesses the $26 Billion Settlement Designed to Aid Victims of Foreclosure Fraud

“Countdown” contributor and Rolling Stone contributing editor Matt Taibbi weighs in on the potential impact of the $26 billion settlement meant to aid those who suffered as a result of fraudulent mortgage and foreclosure practices among some of the nation’s largest banks. Taibbi is skeptical about the adequacy of the ruling in terms of punishing the banks, saying, “There are some people who would argue that this turned out to be a bailout that was really as big as TARP because the negative equity produced by these practices could have been as much as $700 or $800 billion, so the banks got out of maybe that much in liability, ultimately, and maybe that’s not such a good deal for people.”  

[thumbnail via Brennan Cavanaugh]

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