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California to receive up to $1.8 billion in mortgage relief agreement

Original post made on Feb 10, 2012

Contra Costa County homeowners who were victims of mortgage fraud could see $651 million in relief soon thanks to a $25 billion agreement reached between the nation's five largest lenders, the federal government and 49 state attorneys general.

Read the full story here Web Link posted Thursday, February 9, 2012, 5:24 PM

Comments (8)

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Posted by George
a resident of Alamo
on Feb 10, 2012 at 6:19 am

Everything bad that happens is always somebody else's fault. The new American Way.

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Posted by Douglas
a resident of Blackhawk
on Feb 10, 2012 at 6:32 am

Well put, George! Couldn't have said it better myself.

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Posted by Diane
a resident of Alamo
on Feb 10, 2012 at 6:53 am

Blah, blah, blah.

Backroom deals for public theater.

Take their super-PAC and campaign $$$ but badmouth them (wink, wink) for public theater.


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Posted by Citizen Paine
a resident of Danville
on Feb 10, 2012 at 8:20 am

By George, let's not forget that this was no bailout -- it was a settlement of lawsuits claiming Fraud in their lending practices. Do you believe they were Not fraudulent? Douglas? Bueller?

I think the much better point is Diane's weariness of these theatrical shenanigans -- $25B seems like a large number, until you realize that it's a small fraction of those banks' annual revenues (like around 6%) AND that they bought a ton of immunity for that 'investment.' And they will continue to pull the puppeteers' strings behind the curtain, with impunity. We're all their dupes.

The beat goes on -- to the tune of Citizens United.

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Posted by Huh?
a resident of Danville
on Feb 10, 2012 at 11:53 am

Citizen - you miss Doug and George's point - it can't be the ***bank's*** fault. It must be somebody ***else's*** fault. That's the New American Way. Under the new rules it's "politically incorrect" to blame a bank for anything. It must be Barney Frank's fault. Or maybe ACORN. But not, God Forbid - the banks. They were ***forced*** to make a ton of money pushing that paper in a way that tanked the economy and left millions of people owning homes that were worth less than their mortgages.

Not their fault -- see?

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Posted by Citizen Paine
a resident of Danville
on Feb 10, 2012 at 12:56 pm

I'm aware of that mythology, but NObody who has the government in its larcenous grip as thoroughly as Wall Street does can complain that ANYbody made 'em do ANYthing.

Their own instincts led them to play fast and loose with OPM (other people's money). The fact that they got thoroughly bailed-out -- and the rest of us didn't ought to suggest where The Power rests, comfortably.

Did Barney make 'em robo-sign all those papers, too? Surely you can find SOMEbody more worthy of your support, or disdain.

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Posted by Aubrey
a resident of Alamo
on Feb 10, 2012 at 2:17 pm

Just the cost of doing business where fruad is part of the business model. In any other arena, felonies yield jail time as well as fines, but not in the TBTF banking model.

Dick Bove said it best, "why would anyone honor a contract after this?".

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Posted by Jake
a resident of Alamo
on Feb 18, 2012 at 5:02 pm

Yes, It is always somebody else's fault. It was somebody else that put a gun to the head of those who bought expensive homes without downpayment, a job or credit! Well folk, it is all of our faults; we elect the politicians who in turn bribe us with our own money, we take the whatever we can when we get our turn, look the other way when friends and relatives cheat, ................. There is hope; there are still a minority of us who are legal,ethical and honest. Someday we may emulate them and get this mess turned around.

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