Mortgage Settlement Agreement Is Only An Agreement In Principle

David Dayen, who's done more than anyone to keep this mortgage settlement deal in the public eye and under the microscope, is horrified to discover that the deal announced this week doesn't actually exist in any tangible form. He calls it "a real failing on the part of the activists, who jumped at the opportunity to pontificate on the deal, without actually seeing the term sheet, which we know now in fact does not exist:"