The big news this week is that the U.S. Department of Justice, Eric Holder & Co., has reached a mass settlement in the housing bubble scandal.
It’s a settlement of more than $25 billion dollars. That’s to pay for all the phony loans, the robo-signing deals by phony bank officials who never ever looked at your real estate closing documents. Attorneys General across the country are hailing it as a landmark settlement, a massive achievement, to help cash-strapped and bankrupted homeowners. They’re holding news conferences and talking about how hard they fight for the average consumer.
Hmm, let’s see. You got crushed in the Fannie/Freddie housing debacle. You lost your house in the mortgage slamdown. Your wife left you and went back to her parents in New Jersey. Your credit is crap. You’ll get to see your kids maybe one time a year. The settlement is for 25 billion dollars. That means at some point in the future, you might… you might, get a check say, for $2000.
That means IF you qualify for a settlement payoff, you COULD get a reimbursement of $2000.
Gosh, I suddenly feel all warm and fuzzy… just warm. And fuzzy.