WSJ | What’s Inside the $25 Billion Mortgage Settlement: An Early Look

What’s Inside the $25 Billion Mortgage Settlement: An Early Look

Federal and state officials haven’t made public the $25 billion settlement agreement that they reached with five large banks. As the Journal noted, the exact wording was still being finalized even as officials announced the deal on Thursday morning.

Officials said the final agreement would be made public once it’s filed in the U.S. District Court in Washington, D.C., but that might not happen for a few weeks. Until then, here are some of the recent drafts of the settlement. The settlement includes several different components, some of which officials could release before the agreement is submitted to court.

The draft documents obtained by the Journal show the many moving pieces that were the product of more than one year of discussions. As indicated, the documents are draft copies that were issued on Jan. 19, just as state attorneys general were briefed on the deal. It’s not clear how much the terms have changed since these drafts were written:

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One Response to “WSJ | What’s Inside the $25 Billion Mortgage Settlement: An Early Look”
  1. Katheryn says:

    Borrower Relief – A large percentage are Fannie Mae loans. Fannie Mae has already stated it will do no principal reductions. This settlement is going to do nothing for wronged individuals. The money is for nothing other than to add funds to each state’s operating budget. It probably took them this long to search for any words to use other than ‘fraud, deception, unjust enrichment’, forgery’ just to name a few, in their release to make sure and help protect the banks. The upper powers have conclusively demonstrated that punishment for breaking laws only applies to the 99%. They have eliminated any such thing as “white collar crime”, as there is no such animal. This settlement for principal write downs was carefully constructed for mainly the upper more wealthy class who have lost equity and want to recoup it; as most of those loans are not Fannie. This should be the last straw for any of those that doubted this country has no real government; it is run by the most wealthy of the corporations who also own the government. We are nothing more than things to pay them more money through our hard work and tax dollars. They have even given themselves the right to steal the roofs over our heads.

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