A Ridiculous Take on the Mortgage Settlement | State AG Servicer Terms Could Cost Economy $10 Billion a Year

A Ridiculous Take on the Mortgage Settlement

By Felix Salmon

Cheyenne Hopkins of American Banker, who first published the terms of the proposed mortgage servicer settlement in March, has now got her hands on a ridiculous paper from Charlie Calomiris, Eric Higgins, and Joseph Mason, which says that the settlement is a bad one which could cost the economy $10 billion a year.

You only need to look at the bottom of the first page of the paper to see where this thing is going.

First of all, there’s nothing in the proposed settlement saying that principal write-downs should be conducted “regardless of borrower distress.” To the contrary, the talk of principal reductions explicitly applies only to delinquent mortgages. Which actually the authors know full well, since on page 10 they say that “the settlement’s approach to loan modifications would encourage strategic default.” They can’t really have it both ways.

Check out the rest here…

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4closureFraud.org

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The Economics of the Proposed Mortgage Servicer Settlement

Comments
3 Responses to “A Ridiculous Take on the Mortgage Settlement | State AG Servicer Terms Could Cost Economy $10 Billion a Year”
  1. l vent says:

    So what they want is more FRAUDULENT INDUCEMENT OF A DEBT THAT STRUGGLING HOMEOWNERS _DO NOT OWE_. AND _NEVER OWED_ They want to use more FRAUD to cover up for the ORIGINATION FRAUD and the ORIGINAL FRAUDULENT INDUCEMENT OF THE MORTGAGE LOAN. RESCIND OUR FRAUDULENT LOAN CONTRACTS. THESE LOANS NEVER, EVER EXISTED BECA– USE OF THE PONZI SCHEME THAT WAS IMPLEMENTED BY NONE OTHER THAN THE GSE’s FANNIE MAE AND FREDDIE MAC. JUST BECA– USE THE IMF, THE NEW WORLD ORDER IS ONE OF THE BIGGEST SHAREHOLDERS IN THIS FRAUD DOES NOT MEAN OUR GOVERNMENT SHOULD BE COWERING TO THE NEW WORLD ORDER SHAME ON THESE CORRUPT POLITICIANS FOR NOT DEFENDING THE VICTIMS, THE HOMEOWNERS WHO WERE INTENTIONALLY DECEIVED INTO PARTICIPATING IN THIS PONZI SCHEME HEIST OF OUR OWN WEALTH. .WE THE PEOPLE, THE HOMEOWNERS WERE SET UP TO FAIL, DEFRAUDED AND ROBBED AND THE PLAN BEGAN BEFORE WE EVEN SAT DOWN AT THE CLOSING TABLE OF DECEPTION. IT WAS ALL A GRAND ILLUSION FOR THE PEOPLE THAT THOUGHT THEY WERE BUYING A HOME AND INVESTING IN AMERICA’s FUTURE. BUT WE THE PEOPLE BUYING A HOME WAS NO MORE THAN A GIANT SCAM TO GRAB THE PEOPLES PROPERTY AND ROB THE PEOPLE BLIND AS WELL. These are OUR HOMES, WE OWN THEM AND WE PAID FOR THEM IN MORE WAYS THAN WE EVER EVEN IMAGINED POSSIBLE..

    • housemanrob says:

      Besides that…………we were ROBBED and DEFRAUDED!

    • PATRICK FARRELL says:

      I LUV YOU MAN! YOU SOUND LIKE ME. IF YOU HAVE AN E MAIL WHERE I COULD SEND YOU SOME OF MY COURT PLEADINGS, YOU MAY LIKE TO READ THEM.
      HERE IN CORRUPT TO THE CORE LEE COUNTY FLORIDA, WE THE PEOPLE ARE GOING TO FILE A LAWSUIT [PROMPTED BY ME] TO SUE THE JUDGES DOING THE ROCKET DOCKET.
      THEY ARE THE WORST IN THE COUNTRY.

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