Tag Archives: $26 billion

$25 Billion Mortgage Settlement Appears As More Hype Than Help

We all hope the $25 billion settlement between the Obama administration, state Attorneys General and five major banks will actually help deserving homeowners and improve our devastated housing market.

But from what I have seen so far, the settlement will do very little to help the housing market. It will benefit the banks who will be able to use the money they are paying for their illegal practices to fix problem mortgages on their books, and reward those who took out mortgages they could not afford instead of helping those who are innocent victims of the housing mess.

Of the $25 or $26 billion (both figures have been mentioned) only $20 billion is set aside to reduce interest payments or mortgages, and $17 billion is for those facing foreclosure with the five banks.

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