Banks cut Corners, States follow Suit

Banks cut Corners, States follow Suit

Cornelius Chapman writes in the Boston Herald (11/5, 106K) that many states have used their share of the robo-signing settlement "not to help homeowners in distress, but for a variety of unrelated purposes." A study conducted by Andrew Jakabovics and William McHale shows "some states...have decided to pay their own bills with money that was supposed to help consumers. Massachusetts gets a B grade in the survey, for putting $7 million into a general fund that can be used for all the things - good and bad - our state government does."