UM: Foreclosures

The New York Times reports on a proposed settlement between Bank of America and its investors, which could result in foreclosures for thousands of homeowners, but also would provide incentives to help other at-risk borrowers. The article quotes Michael Barr, a former assistant U.S. Treasury secretary and current University of Michigan law professor: “The mortgage servicers have repeatedly promised to do things and then not done them. I think it’s positive in general, but I don’t expect it to be transformative of what we’ve witnessed from the mortgage servicers over the last four years.” [Source]