And the mortgage settlement cash goes to…
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Do you think the remaining settlement cash should go to:
- solely helping those harmed by foreclosure; or (79%, 83 Votes)
- filling in holes in the state budget? (21%, 22 Votes)
Total Voters: 105
Earlier this year California Attorney General Kamala Harris secured Californians $18 billion as part of a settlement with Big Banks for their abusive practices against homeowners.
Most of this money is allocated to providing homeowners with principal reductions, refinances, and to repair communities blighted by foreclosures. There is also $410 million in cash to be used at California’s discretion, which the Attorney General planned to hand over to housing counselors and legal services agencies.
Related article:
Enter Governor Brown.
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About The Author
Carrie B. Reyes
is lead writer in charge of the Real Estate Practice and Due Diligence and Disclosures books.
Homeowners that have continued to make on time payments to banks, on their underwater homes, are the people that should be entitled to receive the benefit of principal reduction. Not Jerry Brown or any other government inspired, red tape, waste of money. The Bottom line Banks and big fat government is never the injured party. Everyone has been majorly impacted by the foreclosure crisis.Let’s not call it foreclosure abuse, let’s call it what it actually is….all i know is their are only about 5 banks (cartels) left in America. and all the Attorney General’s and housing counselors and Governor Brown. will not be able to put Humpty Dumpty or California, back together again. and by the way I could use a job, i was self employed for the last 18 years. and now for the last 3 years Not. Ageing baby boomer for hire :)
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I like JoJo’s idea give the money to those that have been making their payments on time. Typical government reaction poor consumer was foreclosed on. Were the borrowers making their payments on time these robo signing foreclosures? I highly doubt it. I just find it amazing that you are able to take out a loan payoff credit cards, buy a boat or a car, then deciide now these payments are too high and my house isn’t worth what it was in 2006 or 2007, and you then stop making your payments, live in the property for FREE for up to 2 years, and then get paid a settlement offer by the bank.
It pays in this administration to not work, not pay your house payments, and not have health insurance because the government will take care of you….
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