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JUL 21, 2004 1:00am ET

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Western Drought Could Hamper Ag Lenders Again

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So far this year farmers plagued by the now five-year drought throughout the West and the Great Plains have done a better job paying back their loans than they did last year.

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The $25 billion mortgage robo-signing settlement is:
Political extortion from the banks in an election year
A slap on the wrist — the banks put reserves away for this long ago, they won't even feel it
A source of relief for both banks and homeowners that could help the housing market and economy recover
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