Below the Fold: Where did the $26 Billion go?

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Below the Fold: Where did the $26 Billion go?

Below the Fold: Where did the $26 Billion go?

Richard Zombeck: HuffPO-

You may remember some hubbub back in February about some talks involving a $26 billion settlement that was supposed to provide relief to nearly two million American homeowners. Many homeowner activists, bloggers, and homeowners themselves saw the settlement is nothing more than another giveaway to placate the banks and servicers. It’s starting to look as though they were right.

Despite the warnings, outrage, and in some cases pleading, some of the biggest voices in the consumer advocacy community touted the settlement as a positive thing for homeowners.

AFL-CIO President Richard Trumka said:

The banks broke the law by railroading homeowners through the foreclosure process. Today’s settlement provides compensation for foreclosure victims without requiring individuals to waive their legal claims. While banks must be made to pay more to help homeowners, the settlement includes needed principal write-downs so homeowners can stay in their homes.

Alys Cohen of the National Consumer Law Center said it would move the ball forward and that it was a game changer. Iowa Attorney General Tom Miller, who headed up the whole process, said “This agreement is the only way we’re going to get to substantial principal reduction.”

[HUFFINGTON POST]

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3 Responses to “Below the Fold: Where did the $26 Billion go?”

  1. Ken says:

    It went to state coffers, sometimes for other uses, not related to the AG sell-out settlement.

  2. Joe 347 4099957 says:

    STAND UP TO THESE FAKE SERVICERS AND BANKS THEY LOST EVERYTHING ALL THE PAPER WORK TO YOUR HOUSE THEY DON’T HAVE NOTHING TO PROVE THEIR CLAIM OF OWNERSHIP. IT WAS PART OF THEIR SCAM SO THEY CAN STEAL INS CLAIMS,GOVERNMENT BAILOUTS ,THEY GOT PAID 20 TO 30 TIMES OVER FOR 99% PERCENT OF LOANS IN AMERICA AND WHEN YOUR IN COURT. AND YOU PROVE ALL THAT TO THESE JUDGES THAT RECEIVED CAMPAIGN FUNDS THEY TELL YOU I DON’T CARE. THAT’S WHAT MY JUDGE TOLD ME.SO THESE JUDGES RECEIVED CASH FROM THESE BANK LOOK IT UP ON LINE. MY JUDGE DID. SO THESE JUDGES ARE ACTUALLY GIVING YOUR HOUSE AWAY TO A SCAMMER BEING THE BANK OR SERVICER WHEN WILL. IT STOP THIS IS AMERICA .EVEN THE PRESIDENT CAN’T. DO ANYTHING EITHER HE’S RECEIVED BIG. CASH TO. EVEN MY ATTORNEY GENERAL IS INVOLVED. TO ERIC T Schneider man everybody IS GETTING PAID OFF. EVEN THE QE3 IS A SHAM THERE WE GO AGAIN THE. BANKS CRY WE HAVE TROUBLED ASSETTS BEN BERNARKIE SAYS OK LITTLE CRY BABIES WE THE GOVERNMENT WILL BY THEM FROM YOU $40 BILLION A MONTH. THEN BILLIONS OF DOLLARS TO TERRORIST COUNTRIES. COME ON WHEN IS GOING TO STOP TAKING MONEY OUT OF MY PAY CHECK TO GIVE TO TERRORIST AND BANKS. WHAT CAN WE DO TO STOP ALL THIS CRIME THAT THESE JUDGES. BANKS. AND OUR GOVERNMENT IS COMMITING

  3. Joni Brit says:

    Yikes! So much pain and so much loss, the deck is so unevenly stacked. How can homeowners protect themselves without the funds to hire the same Attorneys with the same information at their fingertips such as servicing records.

    Are these Cusips, 675931,685741,695863, 699447, 702040,718574, 727361, 734351, such wealth, such stupendously unaccounted for wealth in a few months period of Res servicing records, but who demands accountability? I see just bidding Wars.
    There are two questions, Are 44,000,000 Americans a credit liability, or thanks to MERS and companies like Miami International Holdings and Rebar are we assured that 44,000,000 Americans will be a credit liability? and 2, in order for FNMA to own these securities and Bonds that continually come due, why is it necessary for Americans to lose autonomy and home ownership? Is it merely the success of a Socialsts Dream or, are Homeowner’s attached to the Security by virtue of the servicer ‘s records they never see?

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