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The Foreclosure Settlement Sham

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Author Topic: The Foreclosure Settlement Sham  (Read 321 times)
« on: October 28, 2012, 05:39:28 am »

As I suspected, the feds are making deals with bankers to protect them from having to deal with the homeowners they ripped off. And to top it off, states are basically stealing the settlement money for purposes other than the foreclosure problems. Typical greedy management of funds, which is why the states are in the poor shape they are. Georgia is taking all $98 million from the foreclosure settlement and using it to promote state tourism! And some wonder why the dumb country hick stereotype exists!


Billion Dollar Bait & Switch: States Divert Foreclosure Deal Funds

by Paul Kiel and Cora Currier
ProPublica, May 22, 2012, 11:26 a.m.

May 24, 2012: This post has been updated to clarify Virginia’s use of its settlement funds.

States have diverted $974 million from this year’s landmark mortgage settlement to pay down budget deficits or fund programs unrelated to the foreclosure crisis, according to a ProPublica analysis. That’s nearly forty percent of the $2.5 billion in penalties paid to the states under the agreement.

But this little comment was what really caught my eye...

As you can see from our breakdown, 15 states have so far allocated over half their amounts to consumer-focused efforts. But the uses range widely. In Ohio, $75 million has been set aside to destroy some 100,000 abandoned homes. In Minnesota, the state is setting up a fund to compensate victims of the banks’ foreclosure abuses.

100,000 abandon homes? 100k? Seriously? THAT many homes sitting abandoned, and all those people homeless? What is wrong with that picture!

They could take those funds and repair and put people that need a home in those places. I have no doubt they could find 10,000 people that need a home.

This is just more destroying of society. Roll Eyes
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« Reply #1 on: August 05, 2013, 02:04:19 pm »

And now Obama wants to lay claim to a "recovery" of the housing market!

They blame others for the market tanking, but when "investors" come in after the collapse, they claim it's a recovery! It's not a recovery, it's the vultures grabbing the spoils through housing auctions, short sells and the general dumping of foreclosures and sales of homes at risk of foreclosing.

The price jump, and the increase in percentages, is not an indication of things getting better just because prices increases a few percentage points. It's just a reflection of the number of reported sales. The increase comes from the numbers having dropped so low. It's a "bounce" off the floor, an expected and planned for bounce. "Investors" snap up cheap properties and flip them, or rent them out for a while till the going prices increase enough.

Here in Phoenix, the values were SO overly inflated and rising, it was out of control. People paying insanely high prices for houses that now sell for less than half what they appraised for just 3-5 years ago.

They even have a tv show about the foreclosure/home auction industry in the Phoenix area. And now Obama is coming to Phoenix to proclaim their success?

And not a word about Detroit.



Obama returns to Arizona to tout broad housing recovery

By Mark Felsenthal

WASHINGTON | Mon Aug 5, 2013 1:39pm EDT

(Reuters) - With images of vacant, half-built residential developments that gathered dust after the Great Recession, the U.S. Southwest once symbolized the 2008-2012 housing bust that wiped out $7 trillion in homeowner equity and wrecked the finances of many Americans.

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« Reply #2 on: August 05, 2013, 05:22:43 pm »

Very interesting...never thought of that(even though something just sounded very fishy about the whole thing)....thanks!
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« Reply #3 on: August 06, 2013, 02:19:57 am »

With the values having dropped so low, there really wasn't any direction for prices and sales numbers to go but up. When home values have dropped over 50%, an increase of 15% in sales seems huge. It's just numbers in a manipulated market.
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