The $8.5 billion mortgage settlement agreed to by ten major banks on January 7 reveals, once more, the coercive power of government to expropriate assets from businesses judged guilty by public opinion without proof of legal wrongdoing. Eligible home owners will receive from hundreds of dollars up to $125,000 — another case where the government “throws a little money at everyone and hopes the problem will go away.”
Foreclosure review settlements lack proof of guilt
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