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Why mortgage lending reform is more talk than action

Thursday, May 31, 2012

Not much has happened with the state’s program that was supposed to help ensure mortgage relief for distressed homeowners. Much of the money has been siphoned off for deficit reduction. And the bank lobby has managed to stall mortgage lending reform (as in that anti-foreclosure legislation backed by Attorney General Kamala Harris that got sent packing in committee before her very eyes a few weeks ago). So how does an industry with such a tarnished reputation manage to work its will? David Dayen at Firedoglake has an explainer.
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