Mort Zuckerman: ‘Home Prices will decline for years’
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In other BAD housing news, Tom Miller the Lead AG on the servicer fraud investigation has caved. From ‘criminal charges’ to nothing to see here, move along, move along. Maybe this is a move to get himself appointed to head the Consumer Protection Panel, the place where Elizabeth Warren went to grow moss.
TBTF win again, middle class loses, thus the economy loses long run.
Naked Capitalism has the Miller scoop:
I’m not exactly surprised at the bait and switch by Iowa’s Attorney General Tom Miller, who is leading the 50 state investigation by state attorney generals into mortgage abuses. Less than a month ago promised that he would “put people in jail” Now he’s apparently decided to adopt a “move along, nothing to see here” posture. Per Bloomberg (hat tip reader Duncan B, who also sent a copy of a stinging e-mail to his state AG):
The five largest loan servicers, including Bank of America Corp. and JPMorgan Chase & Co., may be the first to settle with the 50 state attorneys general probing foreclosure practices, Iowa Attorney General Tom Miller said…..The group isn’t pursuing a criminal investigation, Miller said. “Our focus is to reform the servicing process and that’s inherently civil, not criminal,” he said….