ProPublica's Cora Currier explains that because government-owned Freddie and fannie won't get on board, millions will miss out on the big mortgage settlement announced today.

emptywheel says the deal should be seen for what it is, a bank bailout. Borrowers are releasing the banks from liability for "a $1,800-$2,000 check if they sign up for it, the equivalent of saying to them 'sorry we stole your home, here’s two months rent.'"

Robert Kuttner describes the deal as "pretty thin gruel", writing that the plan will have little impact if authorities refuse to prosecute banks.