Orange County

[digo]

Banks Pay Token Reparations

seems like the banks got away with murder.....

[LoansbyJW]

As will many borrowers who knowingly over leveraged, refused to honor their commitments, and will be handsomely rewarded for this behavior, paid for in party by those borrowers who lived within their means.

Refuse to pay your bills? That's a check in the mail from the bankers.

Foreclose on someone you had no legal right to? That's a wrist slap, with tender caressing by the Feds to make it all better.

This didn't surprise those who recognized long ago that we live in a post personal responsibility universe.

Thanks for reading,

[TrabucoDom]

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digo wrote:

Banks Pay Token Reparations

seems like the banks got away with murder.....

---

Wow, this story is really puzzling, 1.1B is to go to OC home buyers...they say:

"But many in Orange County and throughout the state complained that the amount of relief will be too little, especially for homeowners who already lost their homes through shoddy foreclosure practices called "robo-signing."

Yet at least one agent posting to this forum has said over and over again that robo-signing was not a problem in California.

And then there is this quote:

Laguna Beach broker John Stanaland, an agent with Hom Real Estate Group, called the settlement positive: "Perhaps it will help give the market a platform on which to begin healing."

I guess he hasn't visited this forum and heard the market was already healing, starting in early 2009 when OC hit it low and we are already stabilized at plus or minus 3%/year for the past few years. It sounds like we don't need this to heal the OC market.

And the hardest part to understand is how someone could put 0% down on a NINJA or low doc loan, stiff the bank for 2 years, living mortgage free, then get a windfall of about $20,000 from us taxpayers (because I suspect it is ultimately our bailout money to the banks that will go to payoff these thieves).

[BobPhillips-RE]

Not sure where anyone got the idea of people being "handsomely rewarded" or receiving a $20k gift.

The breakdown I saw somewhere earlier today sounded more like SOME people might get about $2k.

[Groundhog]

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LoansbyJW wrote:

As will many borrowers who knowingly over leveraged, refused to honor their commitments, and will be handsomely rewarded for this behavior, paid for in party by those borrowers who lived within their means.

Refuse to pay your bills? That's a check in the mail from the bankers.

Foreclose on someone you had no legal right to? That's a wrist slap, with tender caressing by the Feds to make it all better.

This didn't surprise those who recognized long ago that we live in a post personal responsibility universe.

Thanks for reading,

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I hear you well JW, 

And here is a quote from our Third POTUS, an intelligent and exceptionally prescient gentleman indeed. 

"The democracy will cease to exist when you take away from those who are willing to work and give to those who would not" ........ Thomas Jefferson

This deal is yet another collusion by the Bankster Gangsters and our government.

I hate to see such dishonesty and decline in this great nation, our USA. We are inexorably being drawn into some unrecognizable thing with no real values, just dogs eating dogs. It's horrible to contemplate, I weep.  

Groundhog opinion

OGR

[LoansbyJW]

With the combined efficiencies of the Federal Government and Too Big To Fail Banks, it will take the collection of $6,000 from these entities to produce a $2,000 net benefit. No matter what the dollar amount, it still remains what it is, confiscation and redistribution to borrowers and banks who knew better and will suffer no consequence for their tomfoolery. 

Anyone who "jingle mailed" their keys back to the bank could be compensated for their pain and suffering at the hands of their oppressors. A nice pay day no matter the amount, especially when it comes from those who lived within their means, bided their time during tough circumstances, and now are being asked to reward the polar opposite of their own behavior. There should be a "means test" - anyone who refinanced with cash out, used an Option ARM, purchased investment properties, or financed with a stated Income program should be immediately disqualified from any and all compensation.  but that's simply pie in the sky thinking as everyone portrays themselves the victim.

 When this kind of nonsense comes from the same people who decry the 'unfairness' of income inequality, my stomach churns.

Thanks for reading,