"Homeowner Settlement"? what does it mean?

[tinydancer]

Bloomberg has an article saying that this Foreclosure deal is going to spur home seizures now.

Interesting piece. Different angle.

Foreclosure Deal to Spur U.S. Home Seizures

By Prashant Gopal and John Gittelsohn - Feb 9, 2012 4:30 PM CT

The $25 billion settlement with banks over foreclosure abuses may trigger a wave of home seizures, inflicting short-term pain on delinquent U.S. borrowers while making a long-term housing recovery more likely.

Lenders slowed the pace of foreclosures as they negotiated with attorneys general in all 50 states for more than a year over allegations of faulty and fraudulent paperwork used to repossess homes. With today’s agreement, banks are likely to resume property seizures.

“The best thing about the settlement, frankly, is that it will be done,” said Stan Humphries, chief economist for Seattle-based Zillow Inc. (Z), a provider of home-sales data. “The shadow of the settlement hung over the market for a year now.”

Foreclosure Deal to Spur U.S. Home Seizures - Bloomberg

 

[Luddly Neddite]

It doesn't mean enough, that's for sure. The banks and mortgage companies have gotten away with it. They've made a bundle and stolen peoples homes from them. Like the stimulus, this won't be enough to even scratch the surface of the number of people who have been screwed out of every penny they could muster.

It means people like me who pay their mortgages on time get screwed, because we can't refinance, but people who didn’t do the same get rewarded

No rewards here. You need to take another look because you've read this all wrong. Read Caroljo's post just above. THAT is what people are up against and its not because of anything President Barry has done. Read g5000's post. THAT isn't Pres Barry's fault either.

Some of you struggle so hard to blame the president, you miss what is right in front of you.

 

[rdean]

Where's the part about "FREDDIE/FANNIE"???????????


Republicans on this board have gone on and on and on and on and on and on and on and on and on and on and on and on and on and on and on and on and on and on and on and on and on about how the economic meltdown was all "Freddie/Fannie".

We've been patient. We've tried to explain. We've told them about "derivatives". About the mortgage market moving to Wall Street. And still they've refused to be anything other than ignorant.

Well, does it finally sink in now? Let me ask one more time. Where is "Freddie/Fannie"????

Make it good!

 

[Luddly Neddite]

Also your theory does nothing to explain why the most damaging wave of foreclosures were in 5 year loans taken out by speculators who then simply walked away when their equity evaporated overnight.

Bullshit you liar!

Actually, he makes a very good point.

Romney knows all about this. All you have to do is READ for yourself to know that's true.

 

[Amelia]

What does it mean....?


It means there are no consequences for dumb decisions.

Aaaannnnnd.... it also means that those of us who did things the correct way and used our heads when it counted will be footing the freeking bill!

There still will be consequences for dumb decisions.

But it will now take two or three more years for the consequences to play out.

This is a nothing program, offering little help in an undetermined way to a small portion of those who are suffering. Most will still be out of luck but they'll have two more tortuous years before they know that for sure.

But the good thing about it is that no one whose mortgage is held by Fannie or Freddie need entertain any false hopes because they don't even have a little bit of a chance of getting the tiniest crumb from this.

 

[rdean]

Bloomberg has an article saying that this Foreclosure deal is going to spur home seizures now.

Interesting piece. Different angle.

Foreclosure Deal to Spur U.S. Home Seizures

By Prashant Gopal and John Gittelsohn - Feb 9, 2012 4:30 PM CT

The $25 billion settlement with banks over foreclosure abuses may trigger a wave of home seizures, inflicting short-term pain on delinquent U.S. borrowers while making a long-term housing recovery more likely.

Lenders slowed the pace of foreclosures as they negotiated with attorneys general in all 50 states for more than a year over allegations of faulty and fraudulent paperwork used to repossess homes. With today’s agreement, banks are likely to resume property seizures.

“The best thing about the settlement, frankly, is that it will be done,” said Stan Humphries, chief economist for Seattle-based Zillow Inc. (Z), a provider of home-sales data. “The shadow of the settlement hung over the market for a year now.”

Foreclosure Deal to Spur U.S. Home Seizures - Bloomberg

Not really. The difference here and with the tobacco industry ruling is the tobacco had to make a single payment of 200 billion and that was the end of it.

With the banks, they are still open for investigation. 25 billion may only be the beginning.

Obama is looking out for the Middle Class. Republicans like to be slapped in the face with a shit pie and then say, "Please sir, can I have some more"?

 

[JoeB131]

and the gubermint who gave them the license to supposedly steal?

and frankly, in the end this is just a stick up. correct me if I am wrong but not one case has been brought where in someone who actually was paying their mortgage, on time and in agreement with their docs was thrown out.....

There were cases where people who owned their homes free and clear got their homes foreclosed upon.

Man Who Had No Mortgage Faced Foreclosure Anyway: Ann Woolner - Bloomberg

Jason Grodensky paid cash for a South Florida home last December. With no mortgage and full ownership, he had no fear of foreclosure.

And yet, Bank of America foreclosed on the house seven months later, according to the South Florida Sun Sentinel. The court-ordered foreclosure took place July 15.

Grodensky tried for months to get answers from the lawyers and lenders involved. He got nowhere until he contacted the newspaper which started poking around. Now, Bank of America says it will straighten out the mess at its own cost, the Sun Sentinel reports.

 

[rdean]

Republicans see helping the Middle Class as a bad thing.

They want to stop contraception.

Fund tax cuts for the wealthy by closing schools.

Interesting message they choose to run on.

 

[The Rabbi]

They committed fraud. They got caught. For 26B, they made the problem go away.

I realize where this is going to go, as you can never defend any position because your brain power resembles a kitchen sink.
But what fraud, exactly, did the entire banking industry commit that they are forced to pay $26B?

 

[The Rabbi]

It doesn't mean enough, that's for sure. The banks and mortgage companies have gotten away with it. They've made a bundle and stolen peoples homes from them. Like the stimulus, this won't be enough to even scratch the surface of the number of people who have been screwed out of every penny they could muster.

.

You're an idiot.
No one has had his home "stolen" from them. People didnt pay their mortgage, they got foreclosed on. That's what supposed to happen.

 

[Fang]

I was just able to refi at 4% for standard 30 year. Anyone get better?

 

[WillowTree]

What does it mean....?


It means there are no consequences for dumb decisions.

Aaaannnnnd.... it also means that those of us who did things the correct way and used our heads when it counted will be footing the freeking bill!

that's the way of it, this administration is all about giving illegals a fast track to citizenship while the people who are doing it the right way have to stand in line a few more years.. so what's new?

 

[Jroc]

I was just able to refi at 4% for standard 30 year. Anyone get better?

I tried to refi a couple months ago, but was $50,000 under water. I only have 16 years left on my mortgage, all they could do it for me was put me in a for 30 yrs to lower the payment, forget that. So now if I was in forcloser, I can get a principle reduction? This is more government interference, which is what cause the problem in the first place.

 

[DiamondDave]

Who held the gun to the head of the buyers and forced them to bite off more than they could chew??

 

[The Infidel]

Who held the gun to the head of the buyers and forced them to bite off more than they could chew??

Boosh did it

 

[g5000]

They committed fraud. They got caught. For 26B, they made the problem go away.

A succinct summation of the circumstances.

 

[g5000]

They committed fraud. They got caught. For 26B, they made the problem go away.

I realize where this is going to go, as you can never defend any position because your brain power resembles a kitchen sink.
But what fraud, exactly, did the entire banking industry commit that they are forced to pay $26B?

Read my first post in this topic. I realize it is longer than your attention span, but do try.

 

[g5000]

really? light? why?

Because the government is deliberately looking the other way when it comes to MERS. Legally, none of these banks have any claim on the houses on which they are foreclosing. They broke the chain of title. That's why people who have challenged their foreclosures in court who have savvy lawyers have been able to stop the foreclosure process. The chain of title documents are ridiculous forgeries. The forgers didn't even try to make them look real.

These banks could lose their claim on every one of these houses if the government really wanted to make push come to shove. And then all those people would own their houses free and clear, with the banks on the hook for trillions of dollars. And the derivatives market would have tens of trillions of dollars spinning in the wind, which no one has. It would be the end of the world as we know it.

Everyone involved is whistling past the graveyard, hoping the common man has no clue what is going on here.

So, yeah. $26 billion is a facesaving coverup.

 

[bripat9643]

Also your theory does nothing to explain why the most damaging wave of foreclosures were in 5 year loans taken out by speculators who then simply walked away when their equity evaporated overnight.

Banks can't lower standards for a selected group of people. If they lower standards for the benefit of one group, they lower the standards for everyone. Otherwise they will be prosecuted for "DISCIRMINATION!" And we know how libs hate that.

 

[bripat9643]

What it means is the banksters paid a big bribe to the government so they wouldn't have to go to jail.

I'd personally be for sending them to prison to make an example of them. Then film them being sodomized by other prisoners as an orientation day lecture to new bankers not to fuck it up.

"Go to jail" for what? What crime did they commit?

I'd like to see you go to prison and get sodomized. Perhaps that would "orientate" you not to wish draconian punishments on totally innocent people.

What actually happened is that Barry threatened to put the screws to their business and cost them far more with regulatory obstacles if they didn't pay up.

You keep claiming to be conservative, but you're always on the same side of an issue as the commie libturds in here.