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Banks this Friday
will begin making payments
to ~4.2M borrowers whose homes were in any stage of foreclosure in 2009-10. The payments, which will range from $300 to $125K, are compensation for the robo-signing scandal when bank employees said foreclosure documents were correct without reviewing them. Part of the settlement:
View news story
The libs decided that everyone should own their own pad. ( A noble idea.)
In their wild thinking they did not realize that some people do not think ahead enough to know that if they own, rather than rent, they will have to pay property taxes, buy property insurance, repair the roof, replace the AC, replace the water heater, paint occasionally, etc, most of which they cannot afford after purchasing their big screen TV's, smart phones, etc.
Nevertheless, the Feds forced banks to make loans that they would not otherwise make. Whe the banks protested, the Feds said "the Government (read: the taxpayers will guarantee the loan)".
Now everyone is worse off: the poor person who did not know the expense of actually owning a home and was perfectly happy renting, but is now bankrupt and maybe homeless, and the rest of us who get to pay for this noble, but stupid experiment.
Apr 9, 2013. 01:34 PM
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