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More Than 40 States Agree To Foreclosure Deal


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#1 Steve Heard

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Posted 06 February 2012 - 08:34 PM

More than 40 U.S. states have agreed to a nationwide settlement over foreclosure abuses.

The deal would force the five largest mortgage lenders to reduce loans for about 1 million households. And the remaining holdouts could sign onto a deal in the coming days.

Officials say that negotiators worked well into Monday night to persuade more states to join the settlement. There is growing optimism that California, Delaware, Nevada, New York and others will eventually sign on.

The reduced loans would benefit homeowners who are behind on their payments and owe more than their homes are worth. The lenders — Bank of America, JPMorgan Chase, Wells Fargo, Citigroup and Ally Financial — would also send checks for about $2,000 to hundreds of thousands of people who lost homes to foreclosure.



Read more: http://www.sfgate.co...L#ixzz1lfRLFf5y

http://www.sfgate.co...36S47.DTL&tsp=1

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#2 DrKoz23

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Posted 06 February 2012 - 08:51 PM

More than 40 U.S. states have agreed to a nationwide settlement over foreclosure abuses.

The deal would force the five largest mortgage lenders to reduce loans for about 1 million households. And the remaining holdouts could sign onto a deal in the coming days.

Officials say that negotiators worked well into Monday night to persuade more states to join the settlement. There is growing optimism that California, Delaware, Nevada, New York and others will eventually sign on.

The reduced loans would benefit homeowners who are behind on their payments and owe more than their homes are worth. The lenders — Bank of America, JPMorgan Chase, Wells Fargo, Citigroup and Ally Financial — would also send checks for about $2,000 to hundreds of thousands of people who lost homes to foreclosure.



Read more: http://www.sfgate.co...L#ixzz1lfRLFf5y

http://www.sfgate.com/cgi-bin/article.cgi?f=/n/a/2012/02/06/national/w182636S47.DTL&tsp=1


America is lost.

$2000 for bad decisions. Sign me up. Ooooooops... I don't qualify... because I was logical... didn't spend beyond my means... bought a home I could afford... didn't take out a home equity loan to by a boat and car... and actually have kept up on my mortgage.

Thanks government... you keep proving me right by bailing out the lowest common denominator.

We have gone beyond the tipping point... its all downhill from here folks.

#3 rpo

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Posted 06 February 2012 - 09:00 PM

America is lost.

$2000 for bad decisions. Sign me up. Ooooooops... I don't qualify... because I was logical... didn't spend beyond my means... bought a home I could afford... didn't take out a home equity loan to by a boat and car... and actually have kept up on my mortgage.

Thanks government... you keep proving me right by bailing out the lowest common denominator.

We have gone beyond the tipping point... its all downhill from here folks.


The government is not bailing out anyone. The government is suing the banks over illegal foreclosure practices. Do you think the banks should be able to get away with illegal activity?

#4 Deb aka Resume Lady

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Posted 06 February 2012 - 09:04 PM

America is lost.

$2000 for bad decisions. Sign me up. Ooooooops... I don't qualify... because I was logical... didn't spend beyond my means... bought a home I could afford... didn't take out a home equity loan to by a boat and car... and actually have kept up on my mortgage.

Thanks government... you keep proving me right by bailing out the lowest common denominator.

We have gone beyond the tipping point... its all downhill from here folks.


You know, not everyone who is struggling to meet their mortgages are having trouble because they didn't live within their means. Lots of folks have lost their jobs -- sometimes both heads of household. Some who are unemployed are able to find new jobs that don't pay nearly what they were earning before. It's unfair to broad-brush everyone with one sweeping stereotype.
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#5 DrKoz23

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Posted 06 February 2012 - 09:10 PM

You know, not everyone who is struggling to meet their mortgages are having trouble because they didn't live within their means. Lots of folks have lost their jobs -- sometimes both heads of household. Some who are unemployed are able to find new jobs that don't pay nearly what they were earning before. It's unfair to broad-brush everyone with one sweeping stereotype.


It is not the banks problem if people lost their jobs and couldn't afford their mortgages. Period.

Even if someone's employment situation changed... why do they deserve money from their lenders?

#6 DrKoz23

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Posted 06 February 2012 - 09:15 PM

The government is not bailing out anyone. The government is suing the banks over illegal foreclosure practices. Do you think the banks should be able to get away with illegal activity?


Eventually it is money out of my pocket if the banks are required to pay this $2000. Either through higher fees or interest rates... those who were responsible with their money will pay.

If someone is behind on their payments and aren't paying for a loan they promised to pay back... they should be kicked out of their home.

Illegal activity? Foreclosing on those who aren't paying their mortgage. I'm all for it.

#7 Deb aka Resume Lady

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Posted 06 February 2012 - 09:19 PM

It is not the banks problem if people lost their jobs and couldn't afford their mortgages. Period.

Even if someone's employment situation changed... why do they deserve money from their lenders?


I didn't comment one way or the other about whether this was the banks' problem. Stick to one argument at a time. I was specifically addressing your comments about the kind of people who have found themselves in mortgage trouble.
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#8 DrKoz23

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Posted 06 February 2012 - 09:45 PM

I didn't comment one way or the other about whether this was the banks' problem. Stick to one argument at a time. I was specifically addressing your comments about the kind of people who have found themselves in mortgage trouble.


And I didn't say in my comment that the ONLY type of person who was foreclosed upon spent beyond their means. It was ONE example. The most egregious example.

BUT... I also don't agree with any money being given to those who were foreclosed upon for any circumstances.

#9 nomad

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Posted 06 February 2012 - 09:46 PM

More than 40 U.S. states have agreed to a nationwide settlement over foreclosure abuses.

The deal would force the five largest mortgage lenders to reduce loans for about 1 million households. And the remaining holdouts could sign onto a deal in the coming days.

Officials say that negotiators worked well into Monday night to persuade more states to join the settlement. There is growing optimism that California, Delaware, Nevada, New York and others will eventually sign on.

The reduced loans would benefit homeowners who are behind on their payments and owe more than their homes are worth. The lenders — Bank of America, JPMorgan Chase, Wells Fargo, Citigroup and Ally Financial — would also send checks for about $2,000 to hundreds of thousands of people who lost homes to foreclosure.



Read more: http://www.sfgate.co...L#ixzz1lfRLFf5y

http://www.sfgate.com/cgi-bin/article.cgi?f=/n/a/2012/02/06/national/w182636S47.DTL&tsp=1


So who exactly is making this deal? The "states and officials?" The articles make no sense and give no details. Is this a Fed thing?

Sounds like they are doling out some Obama money to stir up some election votes.

#10 The Average Joe

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Posted 06 February 2012 - 11:28 PM

Punish the banks if they did anything illegal.

No money for bad decisions resulting in defaulting on loans though.

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#11 ducky

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Posted 07 February 2012 - 07:59 AM

I understand the whole feeling like a sucker for staying in a home you can afford when everyone else was buying huge homes with huge price tags they couldn't afford, but the way I read the article, people will pick up and continue paying on their loans, which is better than having more foreclosures on the market. The banks are just forced to deal fairly with them.

I don't understand the handing out of $2,000 to everybody else. It doesn't really make up for losing your house if it was done unfairly or documents were forged.

#12 (Cheesesteak)

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Posted 07 February 2012 - 09:27 AM

The "payment" to individual (former) homeowners is to settle the dispute regarding illegal foreclosure practices. These practices included companies processing foreclosures and failing to verify information on foreclosure documents, "robo-signing," where employees signed documents they hadn't read or using fake signature on foreclosure documents. So - many folks that lost there homes to foreclosure, while perhaps being subject to foreclosure anyway, lost them through a fraudulent process employed by the banks and foreclosure companies.

The thing that ticks me off is that lots of folks lost there homes (or are walking away) because the big re-fi's they did to buy expensive cars, take vacations, and spend big $$ that they should never have received. I really don't have much sympathy for folks that leveraged their homes and lives to put a beemer in the driveway and boat in the garage. But - they'll get a small payout too. Welcome to America.

#13 Redone

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Posted 07 February 2012 - 09:46 AM

Poorly written article.

The suit is not about bad loans or predatory loans, but rather how the loans are transferred (still to this day !!).

Does anyone really believe that because title was transferred thru Mers that you don't have to make your payments ?

I am on the banks side on this one.

http://www.bloomberg...be-dropped.html

#14 (Cheesesteak)

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Posted 07 February 2012 - 02:27 PM

Poorly written article.

The suit is not about bad loans or predatory loans, but rather how the loans are transferred (still to this day !!).

Does anyone really believe that because title was transferred thru Mers that you don't have to make your payments ?

I am on the banks side on this one.

http://www.bloomberg...be-dropped.html


The suit is about fraudulent foreclosure practices, among other things. The MERS lawsuit was just filed last week by NY.

#15 ducky

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Posted 07 February 2012 - 02:50 PM

Poorly written article.

The suit is not about bad loans or predatory loans, but rather how the loans are transferred (still to this day !!).

Does anyone really believe that because title was transferred thru Mers that you don't have to make your payments ?

I am on the banks side on this one.

http://www.bloomberg.com/news/2012-02-06/banks-in-mortgage-deal-are-said-to-demand-new-york-mers-lawsuit-be-dropped.html


I don't know about don't have to make your payments, but MERS really can be messed up. There was a Florida businessman named Nye Lavalle who tried to warn about the problems with foreclosure fraud and MERS mishandling titles and the liabilities to the banks years before the housing market went bust. There have been instances where title wasn't transferred correctly and now they have two institutions claiming title to the same loan and lots of other messed-up stuff besides the robosigning.

I think the banks should be held to the same legal procedures that you or I would be in court.




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