Simple reason they did this is so that no one else could take the banks to court because it has already been settled. Also, it looks good for the general reader who doesn't think about what they read. They will see it as "Finaly, the banks are getting punished, and by Obama!".

Two birds with one stone, the banks are happy because they get off near scot free (considering the amount they should have to pay back) and members of the public will be happy because it seems as if he is taking a stand against the banks.

Sickening, but that's how shyte works.

sorry, double post

It is disgusting.....let me explain.

For those who got the pie in the sky loans for houses the banks knew they couldn't afford but were forced to finance because of government coersion...bull%^&*...they should get nothing.


But people who bought within their means then became disabled or lost their jobs, but the banks refused to work with them to refinance ...is $2000 really fair? The government told the bank to work with people who were having trouble with payments and they ignored them, then took the houses...$2000 for a house?

Am I missing something? The maths doesn't seem quite right. According to my calculator, 750,000 X $2000 = 15 billion. Where'd the other 10 billion go? Lawyers fees? Government cut?

Originally posted by LightSpeedDriver
Am I missing something? The maths doesn't seem quite right. According to my calculator, 750,000 X $2000 = 15 billion. Where'd the other 10 billion go? Lawyers fees? Government cut?

It has a breakdown in the article of where the rest of the funding went, like consumer protection and other bull but that's what was allocated to the ones effected the most.

i feel like banks should all be dissolved they are nothing but legally thievery

It's a lollipop for a severed limb.
Sometimes a small victory makes big difference and typically I find that motto applicable, but not here. This is disgusting. It was false hope for real relief from those who are victims of criminal activity against them. Obama can take a flying leap for the second time IMHO. Once for signing the NDAA and now for not ensuring that these people were compensated in a way that saves them from being homeless and the house going right back to the criminals that should be prosecuted harshly.

Banks, mortgage companies, realtors, appraisers and home builders all jacked up the price of housing artificially to line their pockets. It was straight up fraud that created a bubble which has brought this country to it's knees. $25 billion isn't squat. Until they write down all mortgages between certain years there is no restitution and nothing will really get the engines going on the economy.

Originally posted by kosmicjack
Until they write down all mortgages between certain years there is no restitution and nothing will really get the engines going on the economy.

I know you are not talking about actually "giving these mortgages away" to those homeowners and writing them off their books as bad debt or losses?

Ok...understood. You don't know how many people I have heard actually saying they should forgive the mortgages for these folks...and as hard as times may be for some, that is just ridiculous. I lost my job in Nov 2010 for 3 months and the last thing that ever crossed my mind was that the govt or bank should be compensating me in some manner so I could keep our house.

if you have ever heard of a scam you will understand what i have to say,

the mark (person looking for morgage) meets the scam artist (bank agent)
the mark provides documents that show he is "unfit" for a loan but wants one,
the scam artist fraudulently "adjusts" the figaurs (fraud) to allow the loan so he gets paid a bonus.

the mark moves into his house and over the course of ten years pays of an amout equal to the loanned amount,
but still ows due to interest on the morgage.

the bank the scam artist works for "pacages and sells" the "rights to service" the loan,
commonly called a MBS (morgage backed security) into big pools of morgages.

so the mark has paid equal to the amount borrowed minus interest,
the bank has been paid the back the back original amount it loaned minus interest,

but the bank haas ALSO sold the morgage to hedge funds and retierment funds ect

so the banks have been paid "twice",
then if the bank forcloses it gets to sell the property again.

when the scam works perfectly people blame the individuals who took the loans NOT THE FRAUD THAT allowed the loans to be SOLD.

so if there was a mecanism designed to sell crap morgages to "share the loss around"
M.E.R.S. (morgage electroinc registery service)
allowed them to "flip" these morgages for future mbs and resale,

now if the banks never intended to keep the morgages how is it that they sold them and now have to produce "fraudulent" robosigned documents to get the morgage back?

because the scam artists set up the mecanism many years before the first "sub prime loan was made"

you blame the wrong people and make it easyer for the REAL scam artists to get of scott free.

i realise this gets complicated fast, but trust me,
you set up the "hussel" before you introduce the "marks"

hope this helps
its not the fault of the borrower if the loaner ingauges in fraud knowing it will "blow up" on some one else.

dont be a scam artists best friend and blame the marks

xploder