26 billion dollar mortgage settlement

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defiantbadgirl -> 26 billion dollar mortgage settlement (2/9/2012 12:56:36 PM)
http://finance.yahoo.com/blogs/daily-ticker/26b-mortgage-settlement-good-banks-not-good-homeowners-154031911.html I'm glad the banks have to pay, but it was mentioned in the video homeowners will only get $2,000. How is a $2,000 check going to give someone who lost their home the opportunity to build a new life? How about decreasing the length of time negative credit entries remain on credit reports? Traffic tickets have a negative impact for 3 years. There's no reason negative credit entries shouldn't be the same. Too many homeowners with previous credit scores of 750-800 lost their jobs through no fault of their own. They shouldn't have to wait 7 years to build a new life. What do you think?

tazzygirl -> RE: 26 billion dollar mortgage settlement (2/9/2012 1:02:45 PM)
Honestly, at this point and time, renting is the only way to go.

SternSkipper -> RE: 26 billion dollar mortgage settlement (2/9/2012 4:49:44 PM)
I am disappointed in the AGs who'd signed onto this ... it's a slap on the wrist and grants immunity to the biggest perps from any further prosecution.

tazzygirl -> RE: 26 billion dollar mortgage settlement (2/9/2012 4:53:33 PM)
Its getting to the point that you are better off opting out of a class action and going after it yourself.

Iamsemisweet -> RE: 26 billion dollar mortgage settlement (2/9/2012 4:54:50 PM)
In addition to people who have already been foreclosed on getting $2K, though, the settlement also provides for homeowners who are current, but underwater, to refinance at a lower rate and at a reduced principal. How can that be a bad thing? This settlement actually seems to be pretty substantive.

tazzygirl -> RE: 26 billion dollar mortgage settlement (2/9/2012 5:11:01 PM)
Doesnt it offer only like 20000? And how does refinancing help those who lost their homes? But as Henry and I note in the accompanying video, the settlement is too small to really help the housing market, or even do much for individual victims of fraud and abuse. $20 billion in "credits" the banks will receive for principal write-downs and other aid to homeowners at risk of default, up to $20,000 per. This tally includes $3 billion for refinancing of mortgages currently under water. quote: The $20,000 mortgage modification is great, except the average deficit for underwater mortgages in America is $50,000. So, unless I am missing something, people who were victims of fraudulent practices are getting only 2000 and lost their homes?

servantforuse -> RE: 26 billion dollar mortgage settlement (2/9/2012 5:15:56 PM)
Why should some of these people get any money ? They are adults who took out a loan to buy a home they knew they probably couldn't afford. Now they lost the home and want to sue someone for a problem they caused.

tazzygirl -> RE: 26 billion dollar mortgage settlement (2/9/2012 5:19:40 PM)
The courts dont agree with you. Perhaps you should invest some time to find out the particulars of the case before assuming the borrowers were in the wrong.

Fellow -> RE: 26 billion dollar mortgage settlement (2/9/2012 5:22:03 PM)
It is just very typical Obama scam... and the banks borrow the money from the Federal Reserve at 0% interest to pay the bill.

servantforuse -> RE: 26 billion dollar mortgage settlement (2/9/2012 5:30:26 PM)
What ever happened tp personal responsilbity? There are a couple of nice cars out there that I would like to have. I can't afford them so I'm not going to buy them. Some of these folks were buying expensive homes making 30 to 40,000 a year. Are the banks partly responsible, yes. Should everyone who was underwater on a home loan get $2000, no.

Iamsemisweet -> RE: 26 billion dollar mortgage settlement (2/9/2012 5:34:06 PM)
What court? This was a settlement. I would agree, by the way, that in many cases borrowers weren't realistic about their financial situations and were "in the wrong" in that sense. Nevertheless, it makes little sense at this point to continue this wave of foreclosures, and the legions of underwater homeowners are killing the future of the housing market. If the market is every going to stabilize, these houses need to have the mortgages either adjusted to reflect the actual market value or be foreclosed upon so that the banks can resell at market value. This settlement seems like a positive step to make this happen without displacing more people. quote: ORIGINAL: tazzygirl The courts dont agree with you. Perhaps you should invest some time to find out the particulars of the case before assuming the borrowers were in the wrong.

Iamsemisweet -> RE: 26 billion dollar mortgage settlement (2/9/2012 5:35:34 PM)
Hmmm. Actually what it was is a settlement entered into by 49 state AGs, both Repubs and Dems. quote: ORIGINAL: Fellow It is just very typical Obama scam... and the banks borrow the money from the Federal Reserve at 0% interest to pay the bill.

servantforuse -> RE: 26 billion dollar mortgage settlement (2/9/2012 5:41:42 PM)
This settlement is a total waste of money. It will not stablize the housing market. And guess what, the banks will offset the costs of this settlement with higher fees for everyone.

tj444 -> RE: 26 billion dollar mortgage settlement (2/9/2012 5:47:37 PM)
well,.. the banks have been waiting for this so now they are going to be foreclosing fast and furious and some of the shadow inventory is gonna start hitting the market.. some seem to think foreclosures have been slowing except they dont take into account the shadow inventory and the fact that some banks have not been foreclosing due to waiting for this agreement first.. I dont think it will be a massive release of inventory, but it will be an increased systematic release of them.. jmo.. Imo, banksters that were doing things against the law should have been treated like the Enrons of the world and put on trial, then thrown in jail and pay restitution.. but they give too much to various political parties (federal and state) for their election campaigns so that wasnt gonna happen, of course.. [8\|] I almost puked in the store when i saw the cover of the Feb Forbes magazine touting wells fargo (the worst friggin bank in the world, imo!).. and partly owned by Buffet of course. [:'(] http://www.forbes.com/sites/halahtouryalai/2012/01/25/wells-fargo-the-bank-that-works/

servantforuse -> RE: 26 billion dollar mortgage settlement (2/9/2012 6:01:10 PM)
Buffet is a friend and big contrubuter to Obama. No hope and change here either.

SternSkipper -> RE: 26 billion dollar mortgage settlement (2/9/2012 6:10:05 PM)
quote: They are adults who took out a loan to buy a home they knew they probably couldn't afford. Now they lost the home and want to sue someone for a problem they caused. G.F.Y.G

VideoAdminAlpha -> RE: 26 billion dollar mortgage settlement (2/9/2012 6:14:07 PM)
quote: ORIGINAL: Iamsemisweet In addition to people who have already been foreclosed on getting $2K, though, the settlement also provides for homeowners who are current, but underwater, to refinance at a lower rate and at a reduced principal. How can that be a bad thing? This settlement actually seems to be pretty substantive. I obviously am not going to give my opinions and get involved in this conversation, but let me tell you FROM PERSONAL EXPERIENCE, at least with Bank of America;those loan modification programs and promises of lower rates (when because of self employment when loans start result in 13% interest rates) sounds wonderful, but in reality, getting approved no matter WHAT the legislation says and the chance of it working when you have a homeowner who is talking to a "modification specialist" that does not even know what the correct forms are to send to you, and then denies the modification because the correct paperwork was not filled out, is what in fact happens ALOT. The paperwork that the homeowners(If you can't tell Im one of that group rather recently) that has been sent out about illegal foreclosures is tortuous to understand( and I am a licensed Real Estate Broker) and is not a panacea to someone that lost their home because they followed directions the first time. I would not be suprised if the modification procedure itself has not been modified, so good luck to those trying to even get that bigger amount. **SOrry for the rant, but, to others, some of the foreclosures happened to people that built their house from the ground up then lived in it 16 years. It was not just people that ran out and willy nilly got loans, and the foreclosure crisis has not just affected "deadbeats". With that I will end my comment, and return you back to your normally schedules programming.

VideoAdminAlpha -> RE: 26 billion dollar mortgage settlement (2/9/2012 6:15:04 PM)
quote: ORIGINAL: tazzygirl Doesnt it offer only like 20000? And how does refinancing help those who lost their homes? But as Henry and I note in the accompanying video, the settlement is too small to really help the housing market, or even do much for individual victims of fraud and abuse. $20 billion in "credits" the banks will receive for principal write-downs and other aid to homeowners at risk of default, up to $20,000 per. This tally includes $3 billion for refinancing of mortgages currently under water. quote: The $20,000 mortgage modification is great, except the average deficit for underwater mortgages in America is $50,000. So, unless I am missing something, people who were victims of fraudulent practices are getting only 2000 and lost their homes? You didn't miss a thing darlin.

tazzygirl -> RE: 26 billion dollar mortgage settlement (2/9/2012 6:23:50 PM)
quote: ORIGINAL: servantforuse What ever happened tp personal responsilbity? There are a couple of nice cars out there that I would like to have. I can't afford them so I'm not going to buy them. Some of these folks were buying expensive homes making 30 to 40,000 a year. Are the banks partly responsible, yes. Should everyone who was underwater on a home loan get $2000, no. Because, as I have shown Iamsweet before, people were lied too. Not all people, but enough that the banks are hardly blameless.

servantforuse -> RE: 26 billion dollar mortgage settlement (2/9/2012 6:25:44 PM)
That is why I said that 'some' people don't deserve a dime of this settlement money. I know 3 people in Vegas and 1 in Florida that were speculating on properties and lost their ass when the bubble burst. Why should they be part of this settlement ? There were a lot of so called smart people that got caught up in this because of bad decisions they made. They were the greedy ones, not the banks.

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