Mortgage deal could aid homeowners on the brink

  • Article by: NELSON D. SCHWARTZ and SHAILA DEWAN New York Times , Associated Press
  • Updated: January 23, 2012 - 11:23 PM

A $25 billion pact with banks could also pay foreclosure victims.

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libsrwrongJan. 23, 1212:46 PM

So poor credit risks, and people who defaulted on their mortgage will be receiving tax backed financial rewards? Well, no wonder Obama is going to need another 1.2 trillion dollars. Say, you don't think pushing back the foreclosure data until after the election is politically motivated, do you? I think it has been clear for quite some time that Obama has absolutely no idea what he's doing, but it's as if he is trying to destroy our nation. Is there any rational people attached to this idiotic administration? I know Daley questioned some of Obama's ideas and that is when "he decided" he needed to spend more time with his family. This administration is totally out of control.

joedenaborJan. 23, 1212:53 PM

What an IDIOT I am. I actually paid my mortgage.

ankapolJan. 23, 1212:56 PM

libswrong, that's industry money not tax dollars. I do have one question though, why would we allow people to refinance at 5.25 when the market it much lower than that right now?

hodgie999Jan. 23, 1212:56 PM

I don't see how this will help home owners at all? Clearly, banks were using deceptive practices, which is not uncommon. I'd rather hold them accountable then agree to any deal with them.

swmnguyJan. 23, 1212:59 PM

This $25 billion dollar settlement represents about 1% of the money that has wrongfully changed hands. It's an enormous backdoor bailout of the finance system, and to excuse the mountains of criminal liability makes a joke of the idea that America is a nation of laws.

$25 billion doesn't even cover what it will cost the various states and municipalities to sort out the mess the banks have made of the property registration system by improper filings. Title insurance is more or less meaningless today because of fraud by the mortgage industry. Sweeping it all under the run for $25 billion is an insult to all Americans who pay property tax and rely on clear chain of title.

Of course all the apologists for financial looting will be out blaming defaulted borrowers, but they're all going to lose their homes anyway. Any money that goes to borrowers won't come anywhere close to making them whole for the damages caused by the bubble boom-bust.

All the benefits of this go to the people who ran the biggest fraud in human history so far. And we can see that the entire corporate-government complex has gotten behind using taxpayer money to bail out the entire morass of fraud, and still further line their own pockets at our expense.

libsrwrongJan. 23, 12 1:23 PM

Someone is going to have to explain "industry" money and tax backed "bailout" money.

chavistaJan. 23, 12 1:33 PM

libsrwrong, I seem to remember that the housing debacle started in July, 2007. I think the tree or bush was in charge then. Also, do you remember that when Obama moved into the White House on January 20, 2009, we were losing over 600,000 jobs per month, the debt stood at $10.44 trillion, and the economy was in the tank? In addition, Bush left Obama with a $1.29 trillion deficit budget for the year ended September 30, 2009, plus two unpaid wars, unfunded Medicare Part D, tax cuts that have shown that they have no effect in increasing employment or the GDP, and I can go on and on. Now you claim that it was Obama's fault that all these people lost their jobs, couldn't pay their mortgage, and Obama has had to pay the bills for this fool that preceded him. Sure sounds like revisionist history to me, or did you get this great knowledge from Beck or Fox News?

godiveJan. 23, 12 1:34 PM

Let me get this straight. As a bowerer I fudged my income or downright lied. I took a loan for more than the purchase price (this was acceptable at the time) because I was betting that home pricing would increase. And because the mortgage company did not save me from myself (as some of you suggest) the mortgage co. is 100% at fault so They owe me money? An wether it is industry money or tax money I will end up paying it somehow. Either as a customer or as a taxpayer. Boy did I goof up by staying in the house I could afford.

beodegardJan. 23, 12 1:48 PM

Banks get Trillions of dollars to restructure foreclosures that only 3% get any help on. Then 5 banks get to settle for 25 billion ? Wow, what a deal, look at what our tax dollars can do for banks.

libsrwrongJan. 23, 12 1:53 PM

Since liberals can't run on Obama's horrible record, it's always someone else to blame. That is getting really old. When is Obama accountable? How has Bush added 6 trillion to our deficit? Hundreds of economists warned Obama that his policies were flawed, and would have negative results. How you people continue to blame ex-presidents is pathetic. Obama has got everything he's asked for. HE OWNS OUR CURRENT one else.


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