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There's One Shocking Aspect Of Obama's $20 Billion Foreclosuregate Settlement
businessinsider.com ^ | 2/24/11 | Joe Weisenthal

Posted on 02/24/2011 6:45:55 PM PST by Nachum

This morning news broke that the White House is pushing a big, $20 billion global settlement to end the foreclosuregate mess.

There's one surprising thing. The market is taking this to be an actual punishment of the news. Our presumption would be that any settlement would somehow end up being a positive, but maybe a punishment is a punishment...

The market is down, but the big banks, like Bank of America (down over 2.3%) are getting hit much wors

(Excerpt) Read more at businessinsider.com ...


TOPICS: Business/Economy; Government; News/Current Events
KEYWORDS: aspect; foreclosuregate; settlement; shocking
Obamanomics
1 posted on 02/24/2011 6:46:01 PM PST by Nachum
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To: Jet Jaguar; NorwegianViking; ExTexasRedhead; HollyB; FromLori; EricTheRed_VocalMinority; ...

The list, ping

Let me know if you would like to be on or off the ping list

http://www.nachumlist.com/


2 posted on 02/24/2011 6:47:16 PM PST by Nachum (The complete Obama list at www.nachumlist.com)
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To: Nachum

Is this the Government paying the banks to forgive loans on forclosure risk homes?

Wow, just not make the payment and the Obama cash machine will payoff your mortgage.

Wonder what secret qualifications you have to have to get this preferential treatment?


3 posted on 02/24/2011 6:53:45 PM PST by Marty62 (Marty 60)
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To: Nachum; Chunga85; Kartographer

This is a bailing out the banksters again PING.

I see no jail time mentioned.


4 posted on 02/24/2011 6:56:56 PM PST by azhenfud (The government is not best which secures life and property-there is a more valuable thing-manhood.)
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To: Marty62

No, that isn’t it. The Government is forcing the banks to take drawdowns on the mortgages that they oversold, essentially.
“Under the settlement:

* Banks, not investors, would bear the cost of all writedowns
* There would be no new government programs developed to reduce principal. Rather, the lenders will devise their own modifications or use existing government programs.
* Banks will have to reduce second-lien mortgages when first mortgages are modified.”


5 posted on 02/24/2011 7:00:11 PM PST by worst-case scenario (Striving to reach the light)
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To: Nachum

Excuse me if I’m suspicious...

“My worry is different. I’m afraid this is really an attempt by banks to get off easy. We do not know what the settlement is supposed to include. But if it includes, for instance, amnesty from put-back claims from investors in mortgage-backed securities, this could be a huge giveaway to the banks. I’ve been saying for months that I accept the government would attempt to avert a put-back apocalypse with some sort of legal forgiveness. Is this it?”

http://www.cnbc.com/id/41764160

Investor’s are really starting to sue and obama was backed by those big global banks...

Investor Lawsuits Are Raising the Heat on Bank of America for ‘Putbacks’

See full article from DailyFinance: http://srph.it/e8zwP7

Kind of a joke on the taxpayers considering...

Unlimited credit for GSEs seen as backdoor bailout

http://www.reuters.com/article/2010/01/05/us-usa-housing-bailout-idUSTRE6044YU20100105


6 posted on 02/24/2011 7:02:11 PM PST by FromLori (FromLori">)
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To: Nachum
Wealth transfer to people who are not paying their mortgages. Banana republic stuff.
“From each according to his ability, to each according to his need”
7 posted on 02/24/2011 7:02:32 PM PST by HereInTheHeartland (Vote like Obama is on the ballot)
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To: Nachum

Obamanomics is the destruction of all aspects of society by design. Everything Obama touches turns to excrement. It’s by design.

Tear America down to the ground, and rebuild from the muck in the Socialist vision, and join with the rest of the New World Order no longer protected by American might. This is the goal.


8 posted on 02/24/2011 7:05:28 PM PST by rockinqsranch (Dems, Libs, Socialists, call 'em what you will, they ALL have fairies livin' in their trees.)
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To: Marty62

“Wonder what secret qualifications you have to have to get this preferential treatment?”

I suspect what will happen is badly underwater mortgagees where the bank has problems with title will get paid a few thousand bucks (in mortgage reduction) but that will require that they rewrite their mortgage. Voila! The bank now has an original note and trust deed.

Mortgagee defaults two months later and the bank forecloses, this time with no problems.

Somehow, out of this, Obama will end up with a 20 billion dollar slush fund to spend on unions and the losses on the mortgages will be transferred to the taxpayers.


9 posted on 02/24/2011 7:05:28 PM PST by ModelBreaker
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To: ModelBreaker

“losses on the mortgages will be transferred to the taxpayers.”

Ofcourse that is how the newly revealed Corporatist sytem the Dummies have been working so hard for works.


10 posted on 02/24/2011 7:10:48 PM PST by Marty62 (Marty 60)
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To: Marty62

Duh, the democrats are against evil Corporations! Don’t you know anything! /s


11 posted on 02/24/2011 7:19:11 PM PST by douginthearmy
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To: ModelBreaker

Sounds about right. People suckered into thinking they are going to get a freebee, when the reality they will lose the home if they are a day late on a payment. THAT is how the banks will deal with this one.


12 posted on 02/24/2011 7:28:41 PM PST by Marty62 (Marty 60)
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To: Nachum

So 2% of the taxpayers monies will solve a trilion Dollar problem?

LOL . . Barf!

Columbia and Harvard math combined...


13 posted on 02/24/2011 8:20:23 PM PST by Vendome (DonÂ’t take life so seriously... YouÂ’ll never live through it.)
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To: Marty62

“Sounds about right. People suckered into thinking they are going to get a freebee, when the reality they will lose the home if they are a day late on a payment. THAT is how the banks will deal with this one.”

Don’t forget about Obama’s buddies. They will walk from this with big money. Obama will walk from it with big dollars or big power of big favors. Nothing like this happens without vig for Dear Leader.


14 posted on 02/24/2011 11:27:53 PM PST by ModelBreaker
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To: Nachum

"Government Control!!! ????

Hell, back in 1990, the US Government seized the Mustang Ranch brothel in Nevada for tax evasion and, as required by law, tried to run it… They failed and it closed. Now, we are trusting the economy of our country, the school loan program, our banking system, our auto industry and our health plans to the same nit-wits who couldn't make money running a whore house and selling whiskey?!"

"What the Heck are we thinking??"

15 posted on 02/25/2011 6:29:29 AM PST by GailA (2012 rally cry DEMOCRATS and RINOS are BAD for the USA!)
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To: ModelBreaker

OH yeah, Obama is one skillfull shakedown artist>


16 posted on 02/25/2011 8:46:18 AM PST by Marty62 (Marty 60)
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To: Nachum

I don’t understand what this is about.


17 posted on 02/25/2011 2:00:02 PM PST by DallasDeb
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