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Wednesday, February 08, 2012

National Mortgage Settlement All But Inevitable As California, New York Join Deal [UPDATE]


I would really like to know what changed Harris and Schneiderm­an's minds? Ooooh, the banksters keep everything secret, never mind that it affects one state with 37 million people in it.
Read the Article at HuffingtonPost

hmmm, this was in my email this morning from Courage Campaign:

"The sweetheart deal is no more, and we have Attorney General Kamala Harris and all of YOU to thank for that. Today AG Harris joined the 49-state settlement with the Big Banks, but only after it had been vastly improved by her steely negotiations on behalf of California's homeowners. There is still much work to be done. This was only Round 1 in a fearsome fight to make the Big Banks pay for the rampant fraud and abuse they perpetrated against homeowners across the country...
... The settlement includes up to $18 billion for California, a huge improvement over the $4 billion we were offered in September. A minimum of $12 billion will be spent on mortgage principal reductions, with strong enforcement provisions. $849 million is dedicated to refinancing the loans of 28,000 California homeowners who are current on their payments but underwater on their loans, and $279 million is dedicated to restitution for approximately 140,000 Californians foreclosed upon between 2008-11..."

3 comments:

  1. Nice post about mortgage news,It was in 1982 that a major liberalization of the property market lead to the substantial raise in innovative product packages and multiplicity of mortgage plans offered by companies contending for a superior market share.
    mortgage news

    ReplyDelete
  2. But who went to jail? Or even had a "time out".

    Big money will do what it will do.

    ReplyDelete
  3. goatman,
    I agree with you, completely!

    ReplyDelete