Mortgage settlement: Who gets the most
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The recent mortgage settlement totaled about $25 billion. The banks who are paying include Ally Financial Inc., Bank of America Corp., Citigroup Inc., J.P. Morgan Chase & Co. and Wells Fargo & Co.
See which states are getting the biggest chunks of money. For more details on the national settlement, see it here.
See which states are getting the biggest chunks of money. For more details on the national settlement, see it here.
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And you you who stayed within your budgets, did not purchase beyond your means, and have stayed current with your payments....
Thanks for paying taxes.
I know there are some who this is really decided to help, however, there are many that have just lived way beyond there ability to pay if times get the slightest bit unstable.
Out of curiosity, what are the states going to do with the money? Did the banks wrongfully foreclose on state buildings?
Let's do the math: $18B + 8.4B + 1.6B + 1.5B + 1B + 1B + .9B + .8B + .65B + .4B + .34B + .17B + 38 other states = TWENTY-FIVE BILLION?!! That is a SPECTACULAR bit of government accounting. I could've sworn that adds up to $35 Billion, at the very least.
The banks created MERS which is the only name recorded on the deeds which they thought allowed them to trade the mortgage back securities as much as they wanted without paying the recording fees. So some/most of the money the states get is from the bank's failure to record the deeds at the county as they are legally supposed to do.
The sad thing about this agreement is that no one is going to jail for fraud for forging documents. So much for Obama being against the 1%!!!