Words of Advice:

"We have it totally under control. It's one person coming from China. It's going to be just fine." -- Donald Trump, 1/22/2020

“We will not see diseases like the coronavirus come here..and isn't it refreshing when contrasting it with the awful presidency of President Obama."
-- Trump Press Secretary Kayleigh McEnany, 2/25/20

"I don't take responsibility for anything." --Donald Trump, 3/13/20

"If Something Seems To Be Too Good To Be True, It's Best To Shoot It, Just In Case." -- Fiona Glenanne

"Flying the Airplane is More Important than Radioing Your Plight to a Person on the Ground Who is Incapable of Understanding or Doing Anything About It." -- Unknown

"There seems to be almost no problem that Congress cannot, by diligent efforts and careful legislative drafting, make ten times worse." -- Me

"What the hell is an `Aluminum Falcon'?" -- Emperor Palpatine

"Eck!" -- George the Cat

Sunday, February 12, 2012

Hooray for the 2.4%!

That's basically how many homeowners will be helped by the banksters taking a haircut on the mortgages they hold. Under the terms of the settlement, the banks will reduce the balance owned on underwater mortgages* by $17 billion. The total amount of "underwater" balance nationwide is $700 billion. $17 billion is, in comparison, not even a drop in the bucket.

For closing their eyes to mortgage fraud and then engaging in their own acts of fraud in the foreclosure mills, the banks effectively will pay a fine of $2,000 per mortgage. They will pay nothing for loading up mortgages with excessive fees or overcharging for insurance.

And most homeowners who are underwater won't be helped. Remember that the banksters either unloaded those mortgages on Fannie Mae and Freddie Mac, or they "securitized" them into "collateralized debt obligations". Those mortgages are not covered by this deal with the banksters.

No wonder that the banksters love this deal.
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* Those mortgages where the amount owed is more than the value of the property.

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