Federal Settlement Falls Short in Mortgage Mess Clean-Up

US regulators unveiled a settlement yesterday that is sure to satisfy no one except the banks–who are undoubtedly breathing a sigh of relief.  A New York Post article on the settlement says many have expressed concerns that it has no teeth, since:

In a nutshell, the regulatory orders dictate that mortgage firms conduct a review of their own troubled foreclosure proceedings and identify fixes.

The article includes critical quotes from a number of industry pros, including our own Linda Tirelli and April Charney.