Taxpayers will be subsidizing Foreclosure Fraud settlement through HAMP

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OUTRAGEOUS: Taxpayers will be subsidizing Foreclosure Fraud settlement through HAMP

OUTRAGEOUS: Taxpayers will be subsidizing Foreclosure Fraud settlement through HAMP

Think you’ll have a free pass from that under water, submerged house that will only continue to sink further.

The so called principal reductions were to be a penalty not a money making scheme!

Your title will still have issues…lots of them!

FT-

The $40bn foreclosure-abuse settlement reached last week between regulators and big US banks gave President Barack Obama another shot at resuscitating his three-year-old initiative to help troubled homeowners.

As details of the agreement dribble out, it appears the deal may also give big banks reason to celebrate and mortgage bond investors and taxpayers reason to pause.

[...]

But in allowing the banks to use taxpayer-funded Hamp to meet their obligations under the settlement, the government presented the banks with an opportunity to reduce their losses, experts said.

“If the banks are doing something under this settlement, and cash flows from taxpayers to the banks, that is fundamentally an upside-down result,” said Neil Barofsky, a former special inspector-general of the troubled asset relief programme.

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