Will the $25 Billion Settlement between the Obama Administration and the Big Banks actually Help Distressed Homeowners?
In a recent opinion piece, entitled "A foreclosure deal worth taking," the Los Angeles ecourages the California Attorney General Kamala Harris to sign on to a $25 Billion deal reached between the Obama Administration and the 5 Big Banks. The big question is whether or not this is pre-mature?
According to the artcle, "Consumer advocates have been lobbying against the deal since late last year, arguing that the damage wrought by lenders was far larger than the amount the banks had offered to settle the claims against them. Harris also expressed concern that the banks sought to be relieved of liability for misdeeds that hadn't yet been investigated, and that they faced little penalty for not complying with the deal."
Will this deal actually help distressed homeowners across the nation?
Is this just more of the same thing?
Homeowners are hurting...it is high time that this country bring this crisis to a resolution
Read the Original Article
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It does not ever seem that the banks share in the bail outs that they get. They charge for everything they do anymore and are not so generous in lending money to anyone. I say put the $$$ somewhere else this time.
C. Lloyd, this is a slap on the wrist to the Big Banks, and a "Get Out of Jail Free Card" for the Foreclosure Mill Law Firms.
Foreclosure Victims can apply for a paltry $2000. Their credit will still be wrecked.
My guess is a token number of families will receive the 2,000 buck settlement money. Just enough to provide a nice photo op for the politicians.
Good Evening Lloyd
Thanks for the post. The settlement was not sufficient when you consider the damage done to the economy and the housing market in particular.
Ladies and Gentlemen,
Thank you very much for your very insightful comments. What has become of our society?
C Lloyd,
Good question! I do not think I can say it better than the comments you have received. The banks should be ashamed of themselves.