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What the foreclosure settlement means for you
CNN Money ^ | February 9, 2012 | By Les Christie

Posted on 02/09/2012 12:20:13 PM PST by Oldeconomybuyer

What did the mortgage lenders and loan servicers agree to do?

The banks and servicers have committed at least $17 billion to reduce principal for borrowers who 1) owe far more than their homes are worth 2) are behind on payments. The amount of principal reduction will average about $20,000 per borrower.

Another $3 billion will go toward refinancing mortgages for borrowers who are current on their payments. This will enable them to take advantage of the historic low interest rates currently available.

The banks will pay $5 billion directly to the states, the only hard money involved in the deal. Out of that fund will come payments of $1,500 to $2,000 to homeowners who lost their homes to foreclosure. Other funds will be paid to legal aid and homeowner advocacy organizations to help individuals facing foreclosure or experiencing servicer abuses.

Another $1 billion will be paid directly by Bank of America to the Federal Housing Administration to settle charges that its subsidiary, Countrywide Financial, defrauded the housing agency.

(Excerpt) Read more at money.cnn.com ...


TOPICS: Business/Economy; Culture/Society; News/Current Events; Politics/Elections
KEYWORDS: acorn; failure; mortgage; obamanomics
ACORN.
1 posted on 02/09/2012 12:20:30 PM PST by Oldeconomybuyer
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To: Oldeconomybuyer

I owe double what my home is worth, but I went with a reputable local bank as opposed to the mega-cheat banks. I suppose that means, once again, I (whitey) am being cheated out of my Uncle Bama Bucks.


2 posted on 02/09/2012 12:24:23 PM PST by rarestia (It's time to water the Tree of Liberty.)
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To: Oldeconomybuyer
What the foreclosure settlement means for you

0bama's "core constituents" will get another handout, and those of us who pay our bills, including our mortgages, and pay taxes will get the shaft.

3 posted on 02/09/2012 12:24:47 PM PST by The Sons of Liberty (Psalm 109:8 Let his days be few and let another take his office. - Mene, Mene, Tekel, Upharsin)
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To: rarestia

B.I.N.G.O.


4 posted on 02/09/2012 12:26:04 PM PST by RC one (the majority of republicans agree, anyone but Romney.)
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To: Oldeconomybuyer

It means that you can get a loan mod direct from your neighbor’s pension fund. THAT is what the AG Settlement means to you. This is from Zero Hedge:

http://confoundedinterest.wordpress.com/2012/02/09/25-billion-attorney-general-settlement-the-wrath-of-cordray/

If you do this, you are contributing to a Marxist wealth distribution by Obama and ELECTED attorney generals.


5 posted on 02/09/2012 12:26:13 PM PST by whitedog57
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To: Oldeconomybuyer

So, basically, what it means to me and my wife is... ...higher taxes.


6 posted on 02/09/2012 12:27:01 PM PST by WayneS (Comments now include 25% MORE sarcasm for no additional charge...)
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To: Oldeconomybuyer

The article contains an imbedded video featuring Eric ‘my people’ Holder with the caption, “Criminal prosecution still an option”.

Thought that was fitting, somehow...


7 posted on 02/09/2012 12:31:00 PM PST by LucianOfSamasota (Tanstaafl - its not just for breakfast anymore...)
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To: RC one

Most Racist President EVER


8 posted on 02/09/2012 12:32:13 PM PST by rarestia (It's time to water the Tree of Liberty.)
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To: Oldeconomybuyer

STrange.

How can a “settlement” divert funds to special interests that just happen to be Obama backers?


9 posted on 02/09/2012 12:37:32 PM PST by GeronL (The Right to Life came before the Right to Pursue Happiness)
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To: rarestia
"I owe double what my home is worth, but I went with a reputable local bank as opposed to the mega-cheat banks. I suppose that means, once again, I (whitey) am being cheated out of my Uncle Bama Bucks."

We are in the same boat.

10 posted on 02/09/2012 12:40:52 PM PST by DeaconRed (Cold War Veteran. . . . US Army Security Agency 1964-1968)
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To: rarestia

The shiftless trash that were AWARDED mortgages as a payoff for votes just stopped paying, so our lovely government figured it was time to fawn and slobber over them with some more taxpayer money to double-down on the government committment to buy RACIST FAVOR. Us stiffs who grew up with parental example and instruction to always do the right thing, be honest, be ethical, and take responsibility got the goverments gift to us, too; THE BLOODY FINGER! What’s new about this!


11 posted on 02/09/2012 12:49:07 PM PST by arrdon (Never underestimate the stupidity of the American voter.)
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To: Oldeconomybuyer

It means those who need help won’t get it, those who get it will be punished for taking it and in the end the money will be gone with no one being better off except a few friends of friends.


12 posted on 02/09/2012 12:53:24 PM PST by count-your-change (You don't have to be brilliant, not being stupid is enough.)
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To: Oldeconomybuyer

This sucks. I know people who simply stopped paying their mortgages and started sticking the money in the bank, figuring they’d lose their homes anyhow. Now we are going to REWARD all of these LOSERS. It’s called a C-O-N-T-R-A-C-T, ya morons.

It seems that no matter what the topic, those of us who are responsible get to pay for those who aren’t, while they get break after break that they don’t deserve.


13 posted on 02/09/2012 1:01:28 PM PST by Mich Patriot (I am not worried about the deficit. It is big enough to take care of itself. Ronald Reagan)
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To: Oldeconomybuyer

It means for honest, taxpayers who are up to date on their bills, that they will now pay higher bank fees and the federal debt they carry on their backs and on the backs of future generations will be bigger and more burdensome.

For the mortgage deadbeats, it means another reason to vote for Obama as he promises them even more freebies.


14 posted on 02/09/2012 1:01:49 PM PST by RicocheT (Eat the rich only if you're certain it's your last meal)
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To: arrdon
"This is the most wonderful day o' ma life....don't gotsta worry 'bout no mo'gage, don't gotsta worry 'bout no gas; Obama gonna take care o' me......"

http://www.youtube.com/watch?v=P36x8rTb3jI


15 posted on 02/09/2012 1:04:45 PM PST by traditional1 (Stay thirsty, my friends.)
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To: rarestia

From one “I owe double what my home is worth” honkey to another. You’re correct.


16 posted on 02/09/2012 1:15:29 PM PST by albie
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To: rarestia

I made the same mistake you did. I should have bought a house I couldn’t afford through a mega bank and fallen way behind on my mortgage payments. Then I too could have hit the Obama lottery for the criminally irresponsible.


17 posted on 02/09/2012 1:23:55 PM PST by FerociousRabbit
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To: Oldeconomybuyer

A Freeper posted a link to an ACORN brochure, called “To Each Their Home”, or some such rot. In the text, ACORN took credit for helping people get “un-traditional” mortgages based on unemployment, public assistance, Social Security and food stamp “income”.

But, Bath-House Barry would have us think bankers were the evil ones.

Idiots.


18 posted on 02/09/2012 1:30:38 PM PST by Mortrey (Impeach President Soros)
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To: rarestia
Actually according to the analysis on Fox if your loan was with a local bank it is more likely to be targeted (If it wasn't underwritten by Freddie or Fannie).

OTOH for those of us who have paid off our home loans, we're totally screwed for playing the game by the rules.

19 posted on 02/09/2012 1:35:21 PM PST by pfflier
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To: LucianOfSamasota
The article contains an imbedded video featuring Eric ‘my people’ Holder with the caption, “Criminal prosecution still an option”.

C'mon, you know Barry has still got to produce some perp walks if he expects his base to turn out in enthusiastic droves.

20 posted on 02/09/2012 1:36:59 PM PST by Buckeye McFrog
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To: WayneS

No, it means a lower IRA or 401K yield and probably a delayed retirement. After all if you can afford to retire, according to obummer, you are too wealthy and need to pay “your fair share”.


21 posted on 02/09/2012 1:39:19 PM PST by pfflier
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To: Oldeconomybuyer

this plan is even more pathetic than cash for clunkers


22 posted on 02/09/2012 2:46:51 PM PST by paul51 (11 September 2001 - Never forget)
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To: Oldeconomybuyer
Select, top investors received the following news. What it really means, is that there will be an avalanche of short sales. The foreclosures will be completed in glorious numbers. Many of the settlements are for enticing the debtors to move and get out of the way more quickly.

Many will have their property taxes lowered before long.


23 posted on 02/09/2012 2:52:01 PM PST by familyop (We Baby Boomers are croaking in an avalanche of rotten politics smelled around the planet.)
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To: familyop

‘Select, top investors received the following news. What it really means, is that there will be an avalanche of short sales.’
Can you give us the link? Don’t understand how this will cause more short sales. I thought the people who default will hang on to get the money from obozo and hope to save their home. NO?


24 posted on 02/09/2012 3:38:26 PM PST by chrisnj
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To: chrisnj

Would it be because the banks don’t want to modify all those loans for those losers defaulters who will probably default again and the banks will be caught in the same scenario again. So they will force the homeowners to ‘short sale’, approve the short sales quickly, get back some money as quickly as possible and get those defaulters off their backs, while unloading the propereties to the new owners.


25 posted on 02/09/2012 3:54:17 PM PST by chrisnj
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To: chrisnj

Sorry, as the information was from an e-mail list. Here’s a link to the only piece that I could find now with a mention of short sales. Short sales can lower long term costs in many cases.

http://www.bloomberg.com/news/2012-02-09/foreclosure-deal-to-spur-new-wave-of-u-s-home-seizures-help-heal-market.html
[Link only. No content allowed to be posted to FR.]


26 posted on 02/09/2012 7:24:29 PM PST by familyop (We Baby Boomers are croaking in an avalanche of rotten politics smelled around the planet.)
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To: chrisnj

Off the cuff, BTW, and short sale might sometimes be better for the sellers than a foreclosure auction.


27 posted on 02/09/2012 7:27:47 PM PST by familyop (We Baby Boomers are croaking in an avalanche of rotten politics smelled around the planet.)
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To: chrisnj

a short sale, even.


28 posted on 02/09/2012 7:29:02 PM PST by familyop (We Baby Boomers are croaking in an avalanche of rotten politics smelled around the planet.)
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To: chrisnj

Saw your comment #25 after replying. Yes, that’s a good explanation, although I suspect that many have the option of selling rather than being forced to do so.


29 posted on 02/09/2012 7:31:26 PM PST by familyop (We Baby Boomers are croaking in an avalanche of rotten politics smelled around the planet.)
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To: arrdon; albie; FerociousRabbit

It’s not even double-down anymore, guys. This is like octuple-down or more. I got myself out of revolving debt, paid off my car loan, paid off my student loans, paid out of pocket to go to graduate school, and here I sit unemployed with a mortgage, a smattering of bills, and a wedding being planned for November.

Meanwhile, the slobbering Obama masses are popping out kids like circus clowns from a VW, using food stamps to buy Kobe beef and lobster, buying lotto tickets and gambling with FEMA debit cards, and squatting in foreclosed houses while I’m struggling to find work as an engineer.

Everything, and I mean EVERYTHING, my mother and father raised me to believe and aspire to has meant nothing more than knowing that morally and ethically I’m an upright white Catholic man. I have exemplary credit, but at this point it means ZILCH. If high school dropout drug-dealing baby-making morons can get a free house, meals, and recreation money for watching American Idol and falling behind on payments to everything and everyone, somewhere there’s someone in power *coughObamacough* who is laughing at us for being morally upright.

It’s depressing, really, but I know my reward is in Heaven. I’ll continue the slog, but at some point something really does have to give. When does it give, guys? When?

And Napolitano and her goons, if you’re monitoring FR for anti-government sentiment, there’s a big middle finger and a very loud FSCK YOU going out to you and your ilk. You’ve destroyed everything it means to be right and proper in this world. Obama should rot in a solitary cell for the rest of his life, die a miserable death, and go straight to Hell for every little thing he’s done in his miserable, fake, petty life.

And take your Wookiie wife with you!


30 posted on 02/09/2012 7:42:04 PM PST by rarestia (It's time to water the Tree of Liberty.)
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