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Recent Mortgage Deals Protect Banks, Cut Senior Aid
While everyone's been focused on the budget brouhaha, an important regulation change has slipped under the radar virtually unnoticed: a mortgage servicing agreement struck by the federal regulators and the big banks that's basically a sweetheart agreement to help the banks duck stiffer penalties from the states. At the same time, the federal budget cuts out counseling for senior citizens seeking reverse mortgages, and that could result in more lost equity, if not lost homes. Host Scott Simon gets more on the deals from our friend from the business world, Joe Nocera.