Mar
21

Obama fundraising 28% off 2008 pace

Change.


Yesterday I noted that the latest fundraising numbers for Barack Obama came to $45 million, but that combined his fundraising with that of the DNC.   Politico breaks it down further to find that the actual total money raised for Obama by three different committees in February comes to $39.4 million — far off of the [...]

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Mar
16

Chip Parker | Florida’s Rocket Docket Redux

“This is no longer a fight about foreclosures – this is a fight for the very integrity of our courthouses. We all pay for this horrendous system, whether our homes ... Related posts:
  1. Chip Parker Responds to Judge J. Thomas McGrady RE Rocket Dockets
  2. Chip Parker on Fraudclosures and The FL (un)Fair Forelcosure Act “Florida has a proud history of whoring for the mortgage industry”
  3. Rocket Docket Returns | Florida Foreclosure Courts to Get Money to Speed Cases
Mar
14

David Dayen | Foreclosure Fraud Settlement Docs (IV): Association of Mortgage Investors Planning to Challenge in Court

Foreclosure Fraud Settlement Docs (IV): Association of Mortgage Investors Planning to Challenge in Court One of the things I looked at in an earlier installment of the foreclosure fraud settlement documents is how banks can satisfy their obligations by modifying mortgages they don’t own. HUD again tried to push back on this with a blog … Read more Related posts:
  1. David Dayen | Foreclosure Fraud Settlement Docs Finally Released (DETAILS)
  2. David Dayen | Foreclosure Fraud Settlement: “Making Banks Money”
  3. David Dayen | 49-State Foreclosure Fraud Settlement Will Be Finalized Today
Mar
14

Abigail Field | The Mortgage Settlement Lets Banks Systematically Overcharge You And Wrongly Take Your Home

The Mortgage Settlement Lets Banks Systematically Overcharge You And Wrongly Take Your Home On my first read through of the consent agreements the bailed-out bankers (B.O.Bs), the Feds and the States I saw much as had been promised. One thing I hadn’t seen coming, however, was that the B.O.Bs would now be allowed to systematically … Read more Related posts:
  1. Abigail Field | What a Strong Servicer Settlement Looks Like
  2. Abigail Field | Understanding the Mortgage Settlement Part 1 – The Money
  3. Abigail Field | Insider Says Promontory’s OCC Foreclosure Reviews for Wells are Frauds. Brought to You by HUD Sec. Donovan By Abigail Field, a freelance writer and attorney who blogs at Reality Check
Mar
12

Whistleblower Lawsuits Against Banks Extinguished in Foreclosure Fraud Settlement

Whistleblower Lawsuits Against Banks Extinguished in Foreclosure Fraud Settlement I think my disgust over federal housing policy is just about complete. As you know, we’re still waiting for the actual terms of the foreclosure fraud settlement, more than one month after the announcement. But more information has dribbled out, not much of it to the … Read more Related posts:
  1. David Dayen | Foreclosure Fraud Settlement: “Making Banks Money”
  2. David Dayen | HUD Continues Defense of Allowing HAMP Modifications as Part of the Foreclosure Fraud Settlement
  3. Donovan: The Foreclosure Fraud Settlement Is Strong Because of the OCC Settlement
Mar
09

Newest Limbaugh advertiser: Twitchy.com

"I’m putting my money where my conservative, free-market principles are."


We’ve heard plenty about the advertisers who bailed on Rush Limbaugh in the fallout over his remarks about Sandra Fluke.  We’ve even heard about at least two advertisers who want back in after bailing out, at least one of whom was told, “No, thanks.”  Today, our own Boss Emeritus announces that she has become a [...]

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Mar
09

Great news: Le Bailoutte de Peugeot avec Le US Taxpayer Francs

When your own losses aren't enough.


Americans sunk tens of billions of dollars into General Motors in 2008 and 2009, money which they won’t see any time soon, if at all.  The Obama administration strongarmed senior creditors in an unprecedented politically-engineered bankruptcy to get taxpayers to eat the costs of old pension obligations and boost the UAW.  All of this was [...]

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Mar
07

Feelgood story of the day: Lottery winner still using food stamps because “I’m not working”

“I feel that it’s okay because, I mean, I have no income and I have bills to pay.”


Via the Daily Caller, a snifter of civilizational decline at the end of a long day. Granted, $700,000 sounds like a lot of money, but by the time the Democrats are done with their messaging on contraception they’ll have you convinced that that’ll cover maybe five years of birth control. (In fact, thanks to O’s [...]

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Mar
07

Tacking the Nat Gas Act onto transportation bill?

Sneaky


The massive, $109B transportation bill looked – briefly – like it might sail through Congress and to the President’s desk, but now it seems to have stalled again. The delay was not caused by some huge delegation of elected representatives suddenly waking up and realizing they have to spend our money more carefully, though. No, [...]

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Mar
05

Manufactured outrage du jour: “I don’t even consider myself wealthy,” says Ann Romney

Class warfare.


A lefty blog seized on this and naturally it got picked up almost instantly by big media. Click the image and watch the clip. She’s talking about having MS and how money may come and go but the value of friends and family endures. Run that through the progressive soundbite distort-o-lyzer and you get “Ann [...]

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Mar
02

Sebelius: Reduction in pregnancies compensates for the cost of contraception

So why don't insurance companies voluntarily cover contraception?


Secretary of Health and Human Services Kathleen Sebelius yesterday assured a House panel that the contraception mandate will actually pay for itself. “Who pays for it? There’s no such thing as a free service,” [Pennsylvania Republican Rep. Tim] Murphy asked. Sebelius responded that that is not the case with insurance. “The reduction in the number [...]

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Mar
01

Bankster Left Speechless by Irish Journalist (VIDEO)

Irish journalist Vincent Browne confronts the ECB’s (European Central Bank) Klaus Masuch demanding to know where the money is going. Astounding attempt to deflect – first before the question is asked in preventing a follow-up, the bankster tries to dodge the question and the journalist refuses to capitulate and nails Sir Bankster to the wall, … Read more Related posts:
  1. Must See Video | Bankster vs Deadbeat
  2. Action Alert | Guardian Newspaper Journalist Flying in to South Florida Tomorrow (Sat) Looking for Foreclosure Victims to Meet With
  3. Wall Street Bankster Party for all our Friends
Feb
28

Damnit Tickerguy is Right Again (Banks Rip Us Off Again)

The Market Ticker – Damnit Tickerguy is Right Again (Banks Rip Us Off Again) I have to be wrong eventually with one of these calls, you know… So if you’re a bank, told to write down $5 billion worth of mortgages (your “share” of the total) and given discretion as to which ones you write … Read more Related posts:
  1. David Dayen | Foreclosure Fraud Settlement: “Making Banks Money”
  2. Pimco | $25 Billion Foreclosure Deal to Hit Pensions Harder Than Banks
Feb
27

Economy Recovering? No, it’s not. Housing? NO. Unemployment? NO. Stock Market? NO.

A couple of quick clarifications related to stories now in the news:

 

A. NO, housing has NOT hit bottom.  If anyone tells you they think it has, just reply by saying: “Shut up, shut up, shut up, shut up.”  Until they go away.

 

The way things stand today, housing won’t “bottom” this year, it won’t bottom next year, and it won’t bottom the year after that, and should you come across someone who has money and disagrees vehemently, please give them my email so I can make some extra cash on the side.

 

How do I know this?  Well, I’ve been right since 2007 and that would be pretty remarkable if there was anything else that could possibly have happened… but there couldn’t have been, so the more interesting question is how can all these people running our show be so consistently wrong?  That’s the question, and I’ve asked it before… are they stupid or lying?

 

Housing can’t bottom because there’s essentially no demand for housing, okay… very little demand for housing… and you don’t need a calculator to figure this one out.  Follow me here…

 

  1. At least half the homeowners in this country are under water or effectively underwater, so they can’t move.  And they used to be about 66 percent of home sales, those who would sell a home in order to buy another one.
  2. Getting a loan today requires 20 percent down at least and a fairly high credit score, and we’re short a few million people with either of those things going for them, right?  (Average FICO at Fannie Mae still over 760.)\
  3. The only people selling now are those who have to, because this isn’t exactly the best time to cash in your equity position.  And the only people buying are trying to steal something.
  4. The burden of student loan debt continues to cause people to delay family formation, and that means fewer first time buyers than in the past.  (Allan Carlson PhD, president of The Howard Center for Family, Religion & Society has an excellent research paper here.)
  5. There’s a shadow inventory, made up of homes that have gone back to the bank but are not being put on the market.  Why?  Because there’s no one to buy them, silly.  In Maricopa County, which is Phoenix et al, has about 16,000 properties listed in the MLS and roughly 112,000 REOs.  Beverly Hills has a dozen homes on the market at the moment, and 186 REOs.  Just for future reference, that’s not what a “bottom” looks like, millions of distressed and deteriorating homes being kept off the market.
  6. Foreclosures haven’t slowed down.  No they haven’t.  No… they haven’t.  Banks slowed down on foreclosing this past year because they were waiting for the AG settlement to provide them with immunity from the whole fraudulent paperwork thing.  They’re about to kick foreclosures back into high gear again, so NO THEY HAVEN’T.  And there’s no reason for them to.
  7. Is that enough, or do you want to hear about aging baby boomers, changing attitudes about homeownership, or consumer debt ratios?  ‘Nuf said, right?  If you want more, it looks like Michael Olenick has a great piece on this subject this morning on Naked Capitalism here.  (I haven’t read it all yet though, so let me know if I missed something important.  I’m pretty sure that he and I agree on most everything related to this subject.)

 

Just try to remember what I’ve said countless times… NOTHING goes down in a straight line.

 

Warren Buffett admitted yesterday that he was “dead wrong” about housing when he predicted it would recover by now.  That’s cute, isn’t it?  The billionaire made a boo-boo.  Ooopsie!  But, he’s still a billionaire and the people that listened to him in 2009 and 2010 are the current wave of foreclosures at FHA, which by the way, is the new sub-prime and the next bailout for sure.

 

Buffett has no idea what he’s talking about.  He’s been living in the same house in Omaha, Nebraska since 1958.  Have you been to Omaha, Nebraska?  Well, I have.  And the fact that some multi-billionaire is still living in the same house he bought in 1958 in Omaha is not quaint… it’s not “old school.”  It’s f#@king nuts.  Insane.  Weird.  Like, as in… needs some sort of clinician to diagnose it, sort of weird.

I don’t know what his deal is… but I’ll bet it’s difficult to pronounce.

 

B. NO, unemployment is NOT “down.”  The only thing that changed to any significant degree is the participation rate, which dropped to its LOWEST point in 29 years. 

 

That means that more people stopped looking for work, not that more people found it.

 

The participation rate sunk to 63.7 percent last month, which is the lowest since May of 1983!  Do you remember 1983?  I do, and it was God awful.  It means that roughly 88 million people in this country over 16 years old not only didn’t have a job, but weren’t even trying to find one.  Not even trying.

 

I’ll bet they’re a cheery, upbeat bunch.  Probably all out looking for houses to buy now that we’re hitting the bottom and all.  Maybe Buffett will put them to work so they can all buy homes in Omaha…. and then kill themselves.

 

The employment-to-population ratio, which is the percentage of Americans that have jobs… HAS NOT CHANGED AT ALL.  It’s 58.5… the SAME as it was in January 2010.  Oooh baby… what our dust, we’re recovering now.

 

 

Oh, wait.  That’s right… I totally forgot… everything’s fine… it’s a “jobless recovery,” remember?  So, why is Bernanke so worried about the whole unemployment thing anyway?  It’s “jobless” so we’re right on track, we’re in line with the forecasts… hitting the numbers perfectly.

 

 

The “headline” unemployment rate in which we like to bathe in this country only counts people who answer the phone and tell the survey taker that they’re actively looking for work.  And if more people were looking, then the unemployment rate would be a lot higher.  So, what Obama really needs is for more people to STOP LOOKING.  And if that doesn’t make you want to chew on glass all by itself, then I don’t really know what to say to you.

 

Seems like most folks are cooperating though, because at the beginning of this month, based on the latest census data, the Labor Department increased the number of working age people by 1.5 million, and of those 1.25 million were not even looking for work, so you gotta’ figure they’re all Obama supporters, right?  Just doing their part.

 

Bloomberg’s got the data here, in case you feel a need to check my numbers.

 

C. NO, the stock market at 13,000 doesn’t mean anything good.  Think of it as Bernanke pushing string. 

 

The Fed chief continues to do the only thing he can do, I suppose… come right out and promise low interest rates until at least 2014 and pump money into the system like a mad man.  The problem is that money isn’t exactly going places.

 

Since the recession in 2008, M1 money supply has increased by an absolutely jaw-dropping 60 percent, coming in over $2.2 trillion in January of this year, and with no end in sight… it’s going higher for sure.  And tons of cash makes the stock market happy, but today’s cash flood isn’t doing much for the economy.

 

Money supply is one part of the equation, but the other component to the deal is called “velocity,” and the velocity of money in this country has fallen off a cliff, going from 10.37 in late 2007 to 7.09 as of late 2011.  Ouch.

 

Velocity of money is about how fast money is changing hands, buying goods and services… you know, making for economic activity.  And the scads of money Bernanke continues to pump into the system with reckless abandon isn’t moving… it’s not changing hands… he’s just pushing string, get it?

 

 

As a result of all this, what they call the M1 “multiplier” has stayed below the 1.0 level for the last three years.  The multiplier effect is an economics term that refers to the amount of commercial bank money that’s created by central bank money.  So, it’s like the Fed increases it’s loans to banks and its purchases of government securities (called bonds) and by doing so pushes money into the commercial banks who are in turn supposedly “encouraged” to loan it out and earn interest, and thereby turn the Fed’s one dollar into more than one dollar.

 

Except it’s not happening, right?  In fact, between August 2008 and November 2009, bank reserves grew by 500 fold, from $2 billion to one trillion.  The banks didn’t lend it out.  They didn’t find the excess money very encouraging.  Do you know why?  Because they knew that we were getting screwed, that’s why.

 

They knew we were in debt big time, because they’re the ones that put us there, and they knew that we’d be getting no help from the government, so there weren’t a whole lot of people to lend it to without taking on too much risk.  So, they just kept it.  And that’s why I keep saying, it’s not a liquidity crisis, it’s a credit crisis.

 

So, you know you have a credit crisis if the money multiplier is 1, right?  Because if banks were lending the money out, the multiplier would have to be greater than one, right?

 

And when you have a credit crisis, then many people can’t buy houses, and that means that the prices of houses will go DOWN.  And that means that we won’t spend like we used to when our houses were worth a lot more and there was credit available, and that means companies will make less money and lay people off.  And that leads to more foreclosures, which puts additional downward pressure on house prices, which leads to more foreclosures still.

 

So… super low interest rates for an extended period of time… literally trillions in cash sitting in bank reserves with more being pumped into the system every day, but with the velocity of that money falling and a multiplier that stays at 1… add it all up and what do you get?

 

 

 

Well, on one hand you get a stock market that’s artificially pumped up by the Fed’s assurance of continued low rates, and a free flowing money supply.  But on the other hand you have anemic velocity, a multiplier stuck on 1, and unemployment that’s only getting worse, which means company’s won’t be growing they’ll be shrinking… so you has is an economy that’s deflating.

 

Bernanke would rather deal with just about anything than deflation, so he just keep a-printing and a-pumping hoping against hope that one day the banks will be so bloated with cash that they loan it to anyone that asks.  It’s really quite sad, if you think about it.  Poor little man… only knows one trick and when it isn’t working all he knows to do is just try it over and over again.  Makes me get all teary eyed, poor guy.  Someone should really teach him a new trick.

 

Last thing… take the artificially pumped up stock market and hold it up next to the dog-doo economy and what do you see?  You see some seriously over valued stocks, which is another way of saying that you see stocks priced to deliver some exceptionally poor returns to investors.

 

 

Because one day, the Fed won’t be able to pump, because the pump she will run dry, as all pumps do.  And then what will be holding up the market at these levels… uh oh… no clothes… run away!

 

Then you’ll hear, “Come Mr. Tally man, tally me banana,” and daylight will come and you’ll want to go home.

 

So… housing is not, not, not at bottom, – check.  Unemployment not improving – check. And does the stock market at 13,000 mean something to the economy?  Nothing good – check.

 

Oh yeah… and then there’s always Greece, et al.  Can’t forget them.  Opah!

 

You might want to bookmark this page, so as the election gets closer and thing get even better than they are today, you’ll be able to contain yourself.

 

Mandelman out.

Feb
24

Rasmussen: Trickle-down environmentalism a loser

Plus, a reminder from Ramirez.


Will another campaign to generate more money for government subsidies on green technology, especially electric vehicles, impress voters in 2012?  Not exactly, according to today’s Rasmussen poll.  Some may call it crony capitalism, Scott Rasmussen calls Obama’s policies “trickle-down environmentalism,” but either way it doesn’t impress voters at all: As president, Obama called for putting [...]

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Feb
20

Who was behind the money to stop Keystone XL?

A new list of usual suspects


For those who were dismayed by the President’s decision to nix the Keystone XL pipeline, you may think it was an effort orchestrated primarily from the White House. While that certainly was part of it, you may have noticed a rather prominent and very public campaign taking place to stop the project showing up in [...]

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Feb
20

Who was behind the money to stop Keystone XL?

A new list of usual suspects


For those who were dismayed by the President’s decision to nix the Keystone XL pipeline, you may think it was an effort orchestrated primarily from the White House. While that certainly was part of it, you may have noticed a rather prominent and very public campaign taking place to stop the project showing up in [...]

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Feb
19

Why Inequality Matters: 3 Ways the Mortgage Crisis Has Undermined Our Legal System

Why Inequality Matters: 3 Ways the Mortgage Crisis Has Undermined Our Legal System Banks are demonstrating that if you have enough money and influence, you’re not expected to follow the same laws as everyone else. For several years, I have been writing that extreme economic inequality is among the most destructive forces in a society. … Read more Related posts:
  1. Rep. Grayson Calls on FBI and US Attorney to Prosecute Bank Crimes: “We do not have an apology-based legal system”
  2. Naked Capitalism | Banks Win Again: Weak Mortgage Settlement Proposal Undermined by Phony Consent Decrees
  3. Asshat Alert | Ajay Rajadhyaksha, Managing Director of Barclays Capital – Legalizing the Mortgage Electronic Registration System (MERS) Will Streamline the Legal Process to Accurately Transfer Loans
Feb
17

Planned Parenthood president: Battle with Komen had a “wonderful” ending

Smug.


At a Planned Parenthood awards luncheon in Dallas yesterday, PP president Cecile Richards reiterated that all is well between her organization and the Susan G. Komen Foundation now that Komen will again consider Planned Parenthood as a potential recipient for its breast cancer research and prevention grant money. “The good news – the wonderful ending [...]

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Feb
17

Attorney General (Not Pam Bondi) Returns $14K in Campaign Donations from Fraudclosure Firm (NOT LPS) Northwest Trustee Services

McKenna returns $14K from foreclosure trustee firm OLYMPIA, Wash. (AP) — Republican gubernatorial candidate and state Attorney General Rob McKenna has returned nearly $14,000 in donations from people tied to a firm that helps mediate foreclosures. McKenna’s office had put the company, Northwest Trustee Services, Inc., on notice in 2010 that they could face investigation, … Read more Related posts:
  1. TH EDITORIAL BOARD | Iowa AG Tom Miller Owes Explanation to the People RE Campaign Donations from Finance, Insurance and Real Estate Companies
  2. FRAUDCLOSURE | OFFICE OF THE ATTORNEY GENERAL (NOT PAM BONDI) ANNOUNCES INDICTMENT IN MASSIVE ROBO-SIGNING SCHEME
  3. Florida AG, Pam Bondi, Takes Orders, Money from Fraudclosure Firm
Feb
15

Is Romney’s campaign running out of money?

Crunch.


I’m skeptical, especially if you count his Super PAC as part of his campaign. (And who doesn’t?) But the basic logic makes sense. If you depend heavily on a small-ish base of wealthy donors who are capped by law on how much they can give, then you’d better win early to grow that base before [...]

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Feb
15

Debtors Prison | Lawmakers Investigating Use of Arrest Warrants Against Debtors that Do Not Pay

Lawmakers investigating use of arrest warrants against debtors Some lawmakers and regulators are probing the use of arrest warrants by the U.S. debt collection industry to recover money owed by borrowers behind on loans, credit card payments, and other bills. Warrants are generally issued for contempt of court after the borrower fails to comply with … Read more No related posts.
Feb
14

Video: Are you ready for Abraham Lincoln, vampire hunter?

Oh, you're ready.


To cleanse the palate. Nearly a hundred years ago, Mencken began an essay on Lincoln this way: “Some time ago a publisher told me that there are four kinds of books that seldom, if ever, lose money in the United States—first, murder stories; secondly, novels in which the heroine is forcibly overcome by the hero; [...]

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Feb
14

Video: Are you ready for Abraham Lincoln, vampire hunter?

Oh, you're ready.


To cleanse the palate. Nearly a hundred years ago, Mencken began an essay on Lincoln this way: “Some time ago a publisher told me that there are four kinds of books that seldom, if ever, lose money in the United States—first, murder stories; secondly, novels in which the heroine is forcibly overcome by the hero; [...]

View the video »

Feb
14

Video: Obama advises guys to “go big” on Valentine’s Day

Don't have the money? Borrow it!


Forget complicated theories about Kenyan anti-colonialism, Wilsonian progressivism or Wright-style liberation theology: This is the key to understanding Obama. He must have learned early in life that some girls love a big spender — and decided to become one. And I mean really become one: Under his administration, deficit spending per person is $17,000. Whoever [...]

View the video »

Feb
14

OMB chief: The sequester is so important to us that we replaced it, or something

Zients can dance and steal your money.


This seems like such a simple question that even a Washington bureaucrat should be able to answer it. Does the President’s budget increase spending over the agreement reached on spending last year in the budget compromise?  Not only could acting OMB director Jeffrey Zients not answer it, Sen. Jeff Sessions actually gets Zients to say [...]

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Feb
14

Gingrich goes … positive?

“I don’t do nearly as well when I focus on my competitors."


With polls showing a collapse in support and money reportedly dissipating from the campaign coffers, Newt Gingrich needs a gamechanger — badly.  Gingrich has decided that his ideas were his original gamechanger, and he’s going to start focusing on them rather than on attacking his competitors: Newt Gingrich said he’s backing off his attacks on [...]

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Feb
13

No money for D.C. voucher program in Obama’s gigantic new budget, of course; Update: Meanwhile, White House to boost subsidies for Chevy Volt

Of course.


He’s intent on killing this program. Remember when he tried to kill it slowly back in 2009, promising to fund it until the current participants graduated high school and then to pull the plug? We’re talking about something like $20 million in a budget of $3.8 trillion and somehow he can’t scrape together the money [...]

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Feb
13

Dividing the Mortgage Settlement Dollars

Details are still forthcoming about the settlement between the federal government and attorneys general and the five largest servicing banks but one interesting twist that is already emerging is how the dollars are being divvied up and distributed. The total number touted, $25 billion, includes both dollars paid in cold cash to the states,  dollars paid in cold cash to wronged consumers, and "credit" for reducing principal or refinancing. The estimates I've seen suggest only $5 billion is in either of the cash categories, with the relief to any particular consumer likely to be $1,500 to $2,000. That suggests that $20 billion could be available for rewriting loan terms to help consumers.

But, the effects of the settlement are likely going to vary by state. Iowa's Attorney General, Tom Miller, who led the 50-state investigation, has described a division of Iowa's money  that would look quite different from the above-described distribution. He says Iowa's slice of the total $25 billion is likely to be $40 million. Make sense to me; Iowa has a small  population. But of that estimated $40 million, Iowa will get $15.3 million in cold hard cash.  That is 38% of Iowa's relief coming in hard dollars to the state, whereas $5 billion of the $25 billion estimated for the nation suggests a 20% cash payout. Iowa is taking almost twice the percentage of its haul in cash as in "credit" for principal write-downs/refinancings. Then there is the issue of what the states are going to do with their cash. Attorney General Tom Miller suggests the money should go to the groups directly aiding homeowners in trouble. But other states have other ideas. Missouri's governor has proposed using at least a chunk of its money to support higher education. Read about it here, which also contains a list of the cash payment going to each state. And Ohio seems to be planning to use at least some of its cash to demolish blighted property. These variations in how much cash states get and what they'll do with it are just one reason that consumers may have to struggle to make sense of this settlement and benefit from it.

Feb
13

David Dayen | Foreclosure Fraud Settlement: “Making Banks Money”

Foreclosure Fraud Settlement: “Making Banks Money” I liked that NBC Nightly News used Yves Smith to describe the foreclosure fraud settlement last night. And she’s right that the ultimate penalty here is tiny for the banks compared to the damage done. Moreover, as Felix Salmon explains in a post actually claiming that the settlement is … Read more No related posts.
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