President Obama has responded to the injustices and fraud enacted by banks upon mortgage borrowers with the negotiation of a massive, wide-spread assistance program for one of America’s greatest ills – the home foreclosure crisis. Visit the website National Mortgage Settlement which is maintained by Attorney Generals from every state in the country (except Oklahoma) to learn more about the $25 billion dollar settlement that America’s five largest banks will pay over the next three years.
Fire Demarco for underwater mortgage relief and $1 billion in savings
The good people at Rebuild the Dream tell us,
DeMarco is the Bush appointee who has been dragging his heels and blocking Fannie Mae and Freddie Mac from engaging in targeted principal reductions (resetting home loans to fair market value) for struggling, underwater homeowners on the grounds that it would cost the taxpayers too much.
Today, two things happened. First, FHFA produced a study that said principal reductions would actually save taxpayers more than a billion dollars. And then DeMarco announced that he still wouldn’t allow any principal reductions!