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Horizon Gets Creative in Deal for Ailing Neighbor

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With little competition, Horizon Bancorp in Indiana was able to create its own playbook for a deal in which it agreed to buy pieces of the American Trust and Savings Bank.

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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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