Forum Post: 5 Banks 25 billion dollar settlement. A spit in the ocean, but could it be a start?
Posted 12 years ago on Feb. 9, 2012, 6:12 p.m. EST by DKAtoday
(33802)
from Coon Rapids, MN
This content is user submitted and not an official statement
Reported By the BBC:
This is a bone thrown at the states, just before election time. It's a payoff and doesn't address the problem and holds no one accountable. Isn't the value of the toxic mortgages the banks dumped on the American people back in 2008 about $13.5 trillion ?
It is PR, and a small band-aid on an arterial wound. I know that they claim about 700 billion in damages so yeah I guess it could be more like a trillion or so. We do have to take into account that properties are still going into foreclosure, so it is probable that there is a large number of risky almost certain to fail mortgages still on the books.
Maybe I misunderstood and that figure is the total of the national mortgage debt that the people guarantee through Freddie & Fanny . Either way, it's a bone. What pisses me off is that it's always a bailout or payoff. It's never about accountability or getting to the root of the problem. No one gets prosecuted; no one goes to jail; as they drive our economy to it's knees. Over a 1000 people went to jail in the S&L scandal, and was no where near the size of this mess.
And so we find ourselves here today.
Deep social unrest for runaway greed and corruption.
I think we have many surprises heading our way this year, this year of campaigning.
I do believe that we will see at least some sort of scapegoat charges brought in an effort to calm and appease the general public.
Yeah, but too little, too late and the real bandits will get off unscathed with their pocket full of our money - with the assistance of our government. From where I sit, it seems like an extraction. Now Europe is about to hand over their money to the banks. Have you ever read the definition of Kleptocracy?
http://en.wikipedia.org/wiki/Kleptocracy
Cheers ;)
Pretty much fits the circumstances doesn't it ( Kleptocracy ).
But that is also why we are here to let them and the rest of the public Know that this is not enough, that this is not even the beginning of addressing enough.
We continue on as before.
Salude ;\
where's my bailout? Lost equity but not underwater, pay mortgage ontime. This is a total moral hazard!
Well it sounds like you can apply if your mortgage was through one of those 5 banks. Then if you are one of the fortunate few you may be able to have your principal reduced a little.
Like I implied or stated, it is a spit in the ocean, but it could be the door cracking open to be pushed open further by maintaining pressure and pursuing legal recourse.
unless I am under water or missing pmnt I get zilch. thats what you get for putting down 20% . Moral hazard. government giving out our money for poor decisions.
Sounds like a parking ticket fine for the rip off of all time.
Yes it does. So we should communicate that.
This could be a start also If OWS adopted it ...www.nationalday911.org
It's a step in the right direction to me which might be furthered if Obama is reelected.
If I have been faithfully paying my mortgage through these hard times do I get a cut of the 29 billion? Some how I think not. Something seems unfair about this.
I bought a house that cost less than what I could afford just in case. My wife lost her job and we had a furlough at my company. I had to use a lot of my savings to continue pay the mortgage.
This would be a better start if OWS would adopt it...www.nationalday911.org
I think you need to explain that a little more fully.
You Right its a concept that is complicated. I'm just saying a lot of this economic turmoil is from September 11th the ensuring wars and the unbelievable expense of being a world leader. You know freddie and Fanny were not even included in the federal deficit until a couple years ago and a major reason the money elite used the tactics they used was because the regular federal money they were used to playing with wasn't there because of September 11th , A new Homeland Security Agency(which we need) and the ensuing wars . I think there was coercion between the money elite and the Government. (Call it lobbying if you want) I think what we need to do is get AMERICAN........ we make mistakes our leaders make mistakes What we need to do is band together Pay the Bills and make this a better planet. we need to PAY THE BILLS.....Clean up our Finances/Power System and get on with it...That's why a' nationalday' Pay the bills have a little more say than just your vote put people back to work start buying American products again. If we don't get back on track we won't have money to buy the Chinese products anyway. If you want to wait untill they raise taxes and you know who usually wins that argument in Congress go ahead I think everyone should get involved
And now Obama is courting Bank of America execs for million dollar convention tickets... in the meantime oil is what, $110. a barrel ? In fact the price of everything is up... and most Americans are worried about jobs.
This ties into the 25 billion dollar settlement, How?
Beats the Shiite outa me (?) No clue, whatsoever... it appears to be corruption at its finest.
Well thank you then for not staying on topic.
We all know that we are here in Protest to corruption and manipulation of government.
But the idea is to address the issue that is posted.
Yes oil prices are insane, but that is another topic.
Yes Americans are worried about jobs, and We should be. But again that is another topic.
Prices artificially inflated ( to high ). You bet. But again that is another topic.
All of these topics are what we are here to talk about, but it is not very productive to lump them all together.
Well then to answer the question I do not see it as a start; I see it as perpetuating corrupt and unethical practice.
I would have to agree with that overall assessment.
I believe though that it could be a start because even if there is no stated ( admitted ) guilt there is implied guilt in accepting to pay a settlement.
As the estimate is of roughly 700+ billion dollars in damages caused by the Banking industry more specifically major portion due to these 5 banks. 25 billion does not begin to address that and that is only 5 billion apiece for the 5 banks, when they reported in excess of 45 billion in profits apiece for the time period in question.
Borrowers, naturally, had nothing to do with it. LOL.
Well of coarse they did. Fraudulent borrowers should also face penalties. But that does not absolve those who approved the loan. I've been through the process and if it is done correctly it is hard to be fooled or to fool as to being able to qualify or not.
But they won't. They're "victims". Institutions that made bad loans have paid severely for their mistakes. THEY TOOK THE LOSSES. Many institutions failed while others have seen their stock prices clobbered. Libtards bitch about "bonuses", but those are paid by SHAREHOLDERS not you. I mean, I'm sure the shareholders appreciate your concern and all, but it isn't your business.
Liberals support squatting. The settlement is about banks using shortcuts to deal with the backlog. Had they not, it would've simply added time of free rent to defaulters, nothing more.
Barbara Boxed today was bitching that BoA was too slow in approving refinancings. So, they were too fast in foreclosing and dealing with bad loans, but are too slow and careful about making new loans. Gotta love liberals.
It is a continuation of the same game. Nothing more nothing less. Only difference now is they have tacitly admitted guilt. That could be the real game changer.
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They did short-cut foreclosures. The backlog is huge and liberals would've obviously preferred them to work off that backlog nice and slow preserving as much "free rent" squatting time as possible. But the fact remains: they were foreclosing on defaults.
Barbara Boxer yesterday criticized B of A for being too SLOW in approving new refinancings. They should slap together new financings, but take forever to foreclosure. It's the liberal way. Squatter nation.
This onslaught is unbelievable isn't it? Are they (or is he) trying to bore us to death?
The soap opera as the stomach churns.
LOL!
Or perhaps "One Forum to Live"
As Billy Bob tries to find a way to make his forbidden love for two sisters and their Mom, work.
Perfect we go into syndication next month. Will Billy Bob come clean and risk everything?
1 points by beautifulworld (3653) 6 minutes ago
OMG. "As the Forum Turns." LOL! ↥like ↧dislike permalink
Today's episode finds Billy-Bob facing a dilemma should he tell his girlfriend the truth and risk losing her...and her sister?
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OMG. "As the Forum Turns." LOL!
how is that going to compensate people who lost their homes, oh wait i guess thats another law suit.
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It is because this does not even start to pay damages. The acceptance of the settlement by the Banks should open the door to further suits as the people damaged did not approve the settlement.
Cool, but then will the people pay the banks for THEIR damages caused by non-payment of what the PEOPLE borrowed? Of course not. Victimhood is preserved.
All parties should face their due penalties.
Chump change and the worst thing is that it basically bought them a get out of jail (almost free) card... plus now they can use that as a precedent to only pay limited compensation to states or individuals filing suit against them.
Or it could open a door for further action. An admission of guilt in accepting a settlement. An open door to pursue further damages in civil court as the deal was not agreed upon by the injured.
Food for continued pressure either way.
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