Judicial branch enforcing spread the wealth - The Horse Forum

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post #1 of 22 Old 05-08-2012, 10:45 AM Thread Starter
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Judicial branch enforcing spread the wealth

Remember that lady that said, "Obama is go'n to pay my mortgage"? Well....

"Bank of America has started sending letters to thousands of homeowners in the United States, offering to forgive a portion of the principal balance on their mortgages by an average of $150,000 each.
The reduction for qualifying homeowners could amount to monthly savings of up to 35 percent on mortgage payments, Bank of America said in a news release on Monday evening.
The principal reduction offers from Bank of America Home Loans are the result of a $25 billion settlement agreement earlier this year with 49 state attorneys general as well as federal authorities who had been investigating allegations of abuses over the handling of foreclosures......."

WHAT kind of settlement is that??? The charges were that the foreclosures were improperly handled, NOT that the mortgages shouldn't have gone into the foreclosure stage.

Your taxpayer dollars paid BIG for these government paid attorneys/investigators to bring a "case"....but instead of the TAXPAYER being paid back - people that haven't paid their mortgage get 150K, on average???? Why wouldn't it be people that have PAID thier mortgage diligently?
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post #2 of 22 Old 05-08-2012, 12:02 PM
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ARRGGHHHHHHH!!!!!!!!!!!!!!!!!!
That's all I have to say about that!
ARRGGHHHHHHH!!!!!!!!!!!!!!!!!!
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post #3 of 22 Old 05-08-2012, 12:27 PM
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now that makes me angry :(
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post #4 of 22 Old 05-08-2012, 12:34 PM
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I also want $150K (preferably in cash)! Where should I sign up?!
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post #5 of 22 Old 05-08-2012, 12:43 PM
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1. "qualifying homeowners" - someone needs to define the qualifications
2. Homeowners implies people who CURRENTLY have a mortgage - not those that have been foreclosed on
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post #6 of 22 Old 05-08-2012, 12:53 PM Thread Starter
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Quote:
Originally Posted by crimsonsky View Post
1. "qualifying homeowners" - someone needs to define the qualifications
2. Homeowners implies people who CURRENTLY have a mortgage - not those that have been foreclosed on

Good Catch!!! It is only for people that are AT LEAST two months behind on their mortgage w B of A. Gotta love that!! And, that is "as of January", year not specified. Here is the full article:

http://www.nytimes.com/2012/05/08/bu...on-effort.html

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post #7 of 22 Old 05-08-2012, 01:04 PM
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The legislation that forced banks to give loans to the insolvent was passed in 1998, THANK you President Clinton.
Wall Street went crazy selling and re-selling N.I.N.A. (no income, no assets) loans which eventually broke the Housing market's artificial bubble.
NO COMMENTING/CRITICIZING President Bush for his half-hearted effort to stop this loans about 7 years ago...but he didn't try hard enough.
We SHOULD have had a recession for financial correction, but it should have ONLY been for about 2 years. Federal manipulation of interest rates and paper money printing AND money siphoned to political cronies AND more and more laws (regulation) keeps it from recovering.
Stealing money from us for yet ANOTHER give-away only makes it harder to solve the problem.
Flygap, I bxxxx about this every day!!!!!!!!!!!!!!
I am a VOCAL TEA PARTY MEMBER.
The thieves have awakened a Sleeping Giant. THEY should be out of work, and WILL be soon.
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post #8 of 22 Old 05-08-2012, 01:13 PM
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It's interesting, Corporal.

I remember when we bought our townhouse (back in 2000) the company checked every $ in bank and where it came from (we had some money from foreign investments we used for down payment, and had to bring them a proof those were our money). Later on when I bought my own house (and then we sold one and bought other) we NEVER were asked to prove anything. In opposite the mortgage person said she can get any loan we want to (EVEN if we don't have enough salary for that). How legal that was? And I think that's what happened: plenty of people got all those (often overpriced) houses while they were not even able to pay the mortgage consistently.

"Life isn't about waiting for the storm to pass: it's about learning to dance in the rain..."

"When we are no longer able to change a situation - we are challenged to change ourselves."

"How people treat you is their karma; how you react is yours."
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post #9 of 22 Old 05-08-2012, 01:28 PM
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I just hope soon enough Corp.
I mean the ton load of poop they keep dumping on us is just to secure votes right now and I wanna kick someone so bad I can't SEE STRAIGHT!

Hmmm lets seeee....
We don't eat out, shop, play games, buy "stuff", go to the movies, and what exactly is a vacation? We work, 24/7. We do have horses but if I didn't PAY FOR MY FARM on the dot, even when it HURTS, I couldn't have them. So I'm hoping there are more people out there like me. Wonder when the cutoff date is for not paying? Are thousands of people going to quit paying so they "qualify".
I'm with Bank of America..........

Edit: I owe FAR FAR less than $150K on my farm.......
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Last edited by FlyGap; 05-08-2012 at 01:31 PM.
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post #10 of 22 Old 05-08-2012, 01:29 PM Thread Starter
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Quote:
Originally Posted by Corporal View Post
The legislation that forced banks to give loans to the insolvent was passed in 1998, THANK you President Clinton.
Wall Street went crazy selling and re-selling N.I.N.A. (no income, no assets) loans which eventually broke the Housing market's artificial bubble.
NO COMMENTING/CRITICIZING President Bush for his half-hearted effort to stop this loans about 7 years ago...but he didn't try hard enough.
We SHOULD have had a recession for financial correction, but it should have ONLY been for about 2 years. Federal manipulation of interest rates and paper money printing AND money siphoned to political cronies AND more and more laws (regulation) keeps it from recovering.
Stealing money from us for yet ANOTHER give-away only makes it harder to solve the problem.
Flygap, I bxxxx about this every day!!!!!!!!!!!!!!
I am a VOCAL TEA PARTY MEMBER.
The thieves have awakened a Sleeping Giant. THEY should be out of work, and WILL be soon.
Exactly! But, Clinton went a step further...and signed in to law the "removal" of the Glass-Steagall Act. If this had not been done, forcing banks to loan to the "underprivelaged" would have had relatively little impact and as they neared insolvency - they could have pointed to that insanity. The Glass-Steagall Act prohibited banks from lending over 90% of their asset value and was put in place during the last depression to ensure it (the depression) did not occur again for the same reason. Remove that...and the sky is and was the limit....and it happened again, for the same reason.
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