Comments about ‘Utah takes $171 million in national mortgage settlement’

I guess I need to do some research here. In the meantime, anyone care to provide the short version as to why a State should be pocketing money from this national mortgage settlement?

so if i lost my home to forclosure, i get a whopping $2,000. gee whiz, the state of utah is really watching out for me.

Another nice example of why our country is deep in debt.

Under the direction of our governor and weak attorney general, the state of Utah has just prostituted itself for a measly 23 million dollars. Never mind that gross criminal activity was discovered and now hard core criminals will be able to buy their way out of prison. Never mind that the bankster's "stay out of jail" card only cost them a few pennies while they stole trillions of dollars. Never mind that victims remain victims and receive an additional slap on the face to boot by our elected officials for this deplorable "compensation" package crammed down their throats.

Our governor sold out. Simple as that. It appears as though our governor smelled money, and despite his fiduciary responsibility to his constituency and his pledge to uphold the law he raised his hand to the square to keep, he couldn't resist the temptation for a quick payoff and grabbed the dough as fast as a Wall Street con artist.

I have completely lost faith and trust in my governor and attorney general I for accepting filthy lucre over justice. (I can't muster enough respect to even call these men by name.) Shame on both of you. You will NEVER ever get my vote or my endorsement! You are just like the 99.99% of the politicians in this country that we have come to despise. But it's no surprise, is it folks?

I believe that this horrific decision warrants talk of impeachment of our governor and recall of our attorney general.

What happened to getting the federal government out of our lives gentlemen? Utah has the highest rate of taking federal money, and the highest rate of hypocricy crying about the feds. Why dont you put your money where your mouth is shurtliff, and Herbert? Hypocrites

Brack Obama has joined Jesse Jackson as the foremost shake down artists in the Country. Like these Bankers were standing on the street corner and as the borrowers were innocently walking by the Bankers opened up their raincoats exposing all of these bad loans hanging there to temp these borrowers.Come on the Government was forcing these banks to make these loans and have been doing it for years. You know the old fairness and level playing field crap that libs have been laying out for those many years. The banks were forced to make loans to borrowers who had no business accepting them.Fammie Mae and Fredie Mac come to mind? This is a election scam of Obamas and nothing else. You know get those greedy rich guys.

I remember last year we didn't except Federal money for education because we didn't want the feds to be involved in our state. Once again whats good for business is good for Utah. Fat cats getting bigger while they keep the masses uneducated. I just saw a report that Utah ranks in the top 10 in AP scores, how about a salalry that is above those in Porto Rico.

The lesson learned from all of this is that anybody that has money can buy justice and avoid jail time.

@mohocat

To suggest that the high and mighty banks were forced by the govt. to make shady loans and are somehow subservient to the will of the govt. is quite a stretch. Banks aren't forced to do anything.

Were they forced to create worthless and fraudulent mortgage backed securities?
Were they forced to trick investors worldwide into believing that their securities were strong and safe?
Were they forced to lie about appraisal values and then tell their clients that they were qualified when they were not?
Were they forced to create predatory loans that would reset in a few years knowing that homeowners would no longer be able to afford payments?
Were they forced to foreclose with robo signed fraudulent documentation?
Were they forced to bet against the failure of their own loans that they said were good by buying Credit Default Swaps and making trillions of dollars BECAUSE of default?

Forced my eye. Sounds like a well calculated scam to me.

Ally finacial is owned by GMAC, who took bailout money. Is this the federal governments way of "giving our money back"? Too bad it is only for those who were "forced" to take loans they couldn't possibly afford.

Nice to see our tax dollars hard at work again. Redistribution of borrowed funds from a budget running a deficit and out of control. Yes, the banks got this money from the government bailout via the tax payer. This is simply theft in plain sight. Black and white, a spade a spade...

What does one get for living up to their obligations? A future tax for future generations.

This is the legacy we are leaving, a country modeled after Greece and the like?

There is a difference between borrowing what you can and will pay back versus having no intention to pay back what one borrows. Is anyone going to jail?

Living debt free is the way. Everyone should give this an honest effort through hard work, discipline, and persistence. It's called living within your means. It's a work ethic. It's a life style. It's being a good neighbor. It's being empowered. It's being responsible. Besides, you will feel great about yourself and the future of your children.

Being addicted to debt is the way of BIG GOVERNMENT. It just can't help itself. I'm told its like being on a drug.

God bless the United States of America.

Old days young couple want house rent and SAVE for DOWNPAYMENT on small"starter home" after many years of sacrifice save and move into slightly larger home and life went on. New days young couple thousands on creditcard zero saveings purches home way too big and way too expensive cant make payments lost house to bank. this is not a bank or government problem its a young people problem. my two cents.STOP government dependancy and nanny state.

Mast of those who lost their homes during the housing bubble would not have lost their homes or be underwater if when they purchased their homes they had purchased one that they could actually have the ability to pay off. I do not believe the banks are entirely at fault for all the people who purchased homes way beyond their financial ability to actually pay for. I believe a large part of the problems was trying to 'keep up with the Jones'.

If a person is making $85,000.00 annually there is no way they can afford a $250,000 home. Don't have they have some responsibility here??? Yes, there were some bankers who knowingly sold homes to persons who they knew could never pay them off, but does not the individual also share some of the responsibility??? I think some homeowners need to be told 'tough - you knowingly purchased a home you knew you could not afford - you gambled and lost. Why should those who did not make these foolish mistakes pay for those who did? Part of me does not cry for those who knowingly made a foolish error.

@ Jonathan Eddy You may want to aquaint yourself with the facts."The thousands of mortgage defaults and foreclosures in the "subprime" housing market (i.e., mortgage holders with poor credit ratings) is the direct result of thirty years of government policy that has forced banks to make bad loans to un-creditworthy borrowers. The policy in question is the 1977 Community Reinvestment Act (CRA), which compels banks to make loans to low-income borrowers and in what the supporters of the Act call "communities of color" that they might not otherwise make based on purely economic criteria." ACORN and groups like ACORN had a large part in the meltdown. If one browses the ACORN information, one can read of their boasts of having "predatory lending laws" passed in numerous states. Banks had to inovate to cut their losses knowing what this policy would lead to. I do not defend Banks but this mortgage crisis can be laid right at the Governments feet.Does Jimmy Carter sound familiar? And the infamous Community Organizer?

This is dirty money. Obama has brought us to our knees.

Quite like what is now becoming known. $1.6 Billion going to buy cell phones for those who qualify.You know food stamp recipients, those on medicaide etc. Plus 250 free minutes of air time. C.Z. selling crack on a cell phone that you pay for. Liberalism!!! Or better yet socialism!!

Gee thanks waldo!!!!!!!
It does not Help
push anything for
split foreclosure
for any reverse mortgage
from Fanniemae&freddieMac

@ mohokat

"Jonathan Eddy You may want to aquaint yourself with the facts."

Will do....after you aquaint yourself with reality.

The CRA tells the banks what to do? The banks are afraid of the CRA? Are you kidding me? OK, please illuminate me with facts. When was the last time you heard of the CRA ever closing down a bank for redlining?

Here's an undisputable fact. Since 2001, Lehman, Merrill, Bear, Goldman, BofA, Citi, WF, Chase all got into the subprime loan/Mortgage Backed Security/Credit Default Swap business. Why? Easy money. Free money. Ignorant investors were duped into believing that MBS were safe. After all, would Wall Street lie?

Ignorant, speculating, underemployed Americans were duped into believing that as long as they had a pulse, they were qualified to make ARM loan payments. If not, no problem. Real estate always goes up and quick profits could be made on a quick sale. Would Wall Street lie?

Government turned a blind eye. Would Wall Street lie?

When the market crashed, (that's usually what happens when business is fraudulent), Wall Street went straight to the cashier, presented their CDS' and made trillions while the ignorant and duped became poor and homeless. Ah, the American way.

Yeah, banks are trying real hard to obey the CRA.