The really big deal no one's talking about

[madbrian]

Posted: 2/10/12 at 8:04am

With people focusing on CPAC, the GOP primary, and the contrived contraception 'issue', a big accomplishment for the White House is going unnoticed. The Obama administration has negotiated a settlement between the country's five largest mortgage lenders and 49 state Attorneys General (all but Oklahoma) for the lenders to provide over $25 billion to homeowners. This is compensation for unfair business practices that contributed to the housing collapse. Different people will receive different benefits. Some will see their mortgages restructured, while others will receive checks. An important facet is that nothing absolves the lenders from future litigation, so this is not a 'get out of jail free' card. This will have a direct impact on the housing market, and will be a needed boost to some states that have been crippled by the collapse, states like Florida and Nevada.
Mortgage Settlement

Posted: 2/10/12 at 10:52am

Yep. There's too much great stuff going on right now-

[FindingNamo]

Posted: 2/10/12 at 10:53am

It's a slap on the wrist essentially.

[SNAFU]

Posted: 2/10/12 at 11:00am

Yeah it comes down to, what, $2,000 to each family who was foreclosed on? Well the is rent for a month!

I want to see indictments and jailtime like we saw during the Savings and Loan scandal in the 80s

Updated On: 2/10/12 at 11:00 AM

[FindingNamo]

Posted: 2/10/12 at 11:08am

Am I wrong in my understanding that jail time and further prosecution is taken off the table by this deal?

[madbrian]

Posted: 2/10/12 at 11:18am

My understanding is that the lenders received no protection of any sort from this agreement. And while the $2,000 is a minimal amount, around 2 MILLION households who are currently underwater will get some sort of relief, in either rate/payment reductions and/or principal reductions. I also believe that those who feel they've been taken advantage of by these lenders are still free to sue them, and can use a use funds provided by the lenders for their legal expenses. While it may not be true justice for what was done, it really is a giant accomplishment for the administration. Congress was unwilling to move on this, so the White House worked with the AGs from 49 states to come to this agreement.

[Mister Matt]

Posted: 2/10/12 at 11:31am

Helping the poor? Socialist! This is just more proof that Obama is a diabolical dictator hell-bent on handing our country over to Middle Eastern terrorists! And other stuff that can't be substantiated and makes no sense!

[FindingNamo]

Posted: 2/10/12 at 11:33am

Not only is he all the things Matt said, but he's also in over his head and incompetent.

(Those are the taking away messages from CPAC).

[SonofRobbieJ]

Posted: 2/10/12 at 11:50am

As the NY AG Eric Schneiderman (omigodithinki'minlove) stated last night on Rachel Maddow, there is no immunity from criminal or civil cases going forward. It not only will help a lot of people, it's a political masterstroke.

And now...with an adjustment to the rules regarding birth control, Obama has allowed (once again) the Republicans look like lunatics and make himself look like the guy who can solve the problem through rethinking and compromise.

Or he's just a bumbling idiot who likes to f&ck his teleprompter while instituting Sharia law.

Posted: 2/10/12 at 11:59am

I hear he's leading us down the road to beheadings. !

[madbrian]

Posted: 2/10/12 at 12:06pm

Schneiderman is clearly one of the good guys. He's on my short list of people I'd vote for no matter what they're running for, along with Cory Booker and Elizabeth Warren.

And yeah, it looks like the compromise being worked out on contraception is going to be a big win for Obama. He'll be able to appease the churches while retaining coverage for the women who work for hospitals, colleges, etc. And once again, the GOP extremists down at CPAC look like the lunatics they are. It's a big win for Obama with moderates & independents.

[Mister Matt]

Posted: 2/10/12 at 12:12pm

He has accomplished nothing since taking office, Namo. NOTHING!

[SonofRobbieJ]

Posted: 2/10/12 at 12:23pm

What kills me is that there are plenty of things about which to criticize the President. But his opponents have decided to go after a purely fictionalized version of the man. It's Bush Derangement Syndrome writ large.

[mikey2573]

Posted: 2/11/12 at 3:17am

Just out of curiosity, what were the "unfair business practices" these banks allegedly participated in?