A group of 10 major banks reached an $8.5 billion settlement with federal regulators over mortgage relief on Monday. The settlement will see $3.3 billion paid directly to homeowners affected by the mortgage crisis. The remaining $5.2 billion will go to other relief such as loan modifications. Did banks get off easy in the latest settlement over mortgage relief? Who will be eligible for some of that money? We'll talk with ProPublica reporter Paul Kiel about the settlement.
The government needed to force the bank to take the write down and revalue to home to keep the origional homeowner in the home. They dropped the ball and the game is over. Short sale is the only real option now. Jackie –Jan 8, 2013 09:34:14 AM
Our federal government is bought and paid for by an elite group of bankers and manufacturers. Either Republican or Democrat, their election funds are paid for by these elite institutions. The federal government is over extended by these elite institutions keeping everything on the federal level trumping local and state governments by instituting federal laws that benefit these elite institutions. Thus, they can walk all over individuals and hide behind the federal government.
This tactic has been used for a hundred years dating back to the federal reserve act (1913) and the implementation of the federal income tax which allocated funds for the infinite growth of the federal government. This allows these elite institutions to fund candidates on the federal level to implement laws to create their elite class and rule over the individual without any protection from the federal government, in which these elite institutions own. Thus the individual no longer has any real recourse against these elite institutions.Doug –Jan 8, 2013 09:33:56 AM