Friday, February 10, 2012
"Robo-signing" as defined by the recent agreement between five majors US banks and the Justice Department, is: "the practice of signing documents without reading them". I am not one to bash people for their poor choices; after all I make my share of poor choices. However, imposing a $25B tax (yes I called it a tax) on banks forcing them to lose interest income on mortgages they have made to people who are defaulting on their responsibility, because they were "Robo-signing" their mortgage paperwork, is truly ironic. I don’t know if anyone else thinks this is ridiculous, but I do. These banks (most of which received huge government bail-out payments) are now using our tax dollars to pay for this agreement. The only people getting screwed (yet again) are those of us who pay our mortgages and taxes.