Judge considers use of mortgage settlement money
PHOENIX (AP) — While critics say the money should be used to help mortgage borrowers, a lawyer for the state said Wednesday that Arizona is entitled to use $50 million of its share of a multistate foreclosure settlement paid by lenders to help balance the state budget because it’s compensation for revenue lost due to the housing market collapse.
“Everyone who pays taxes in this state has been affected by this foreclosure crisis,” said Douglas Northrup, representing Attorney General Tom Horne. “It doesn’t have to be put aside for a narrow subset of people who were in danger of losing their homes …”
Tim Hogan, an attorney challenging the $50 million transfer to the general fund disagreed, saying that’s a legally shaky argument and that the money is intended for services and other uses directly related to mortgage foreclosures.
“Just sticking money in the general fund doesn’t improve or make better the foreclosure crisis,” he said. “You’re just spending money on state government.”
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The money just change hands form Gov to Banksters, form Bankster to Gov, form Gov to Banksters and so on…. The homeowners NEVER sees any relief
WOW! The home owners continue to be pawns in all this greed…imagine…all the time they were negotiating they were seeing the end benefit, not to the homeowner, but as another opportunity to grab some dough…if the homeowner can remain in their home and get back their lives they will be able to pay their taxes and have hope again to begin over…if those homeowners who are being defrauded once again and this time by their own local reps, if they would all move out of that town, wonder what would be the end result…the homeowners should file a class action suit nation wide against all the AG’s who used them as the banks used their signatures to create wealth for everyone else except the homeowners…
I AGREE WHOLEHEARTEDLY!!!!! Most of the public is NOT aware of what is happening to the ‘abysmal’ settlement that the states AGs made , they only think it was ‘to help the economy get back on ITS feet” they are totally unaware that hardly ANY of the money is actually going to help homeowners & that a PITTANCE is being offered (only by request & you damn near have to sue for it in court!) AND, that does NOT help those who have had their homes & lives stolen by the criminals, the DOMESTIC TERRORISTS that institued this debaucle in the frist place! when you consider that WELLS FRAUD-O MADE OVER $4BILLION IN NET PROFITS FOR EACH QUARTER IN 2011, GAVE IT’S CEO AN $18MILLION FRIGGIN’ BONUS AT THE END OF THE YEAR, THAT THE BANKS COMBINES GAVE NEARLY WHAT? NEARLY 16 $$$$$$4BILLION$$$$ IN BON– USES TO TOP EXECTUTIVES IN 2011…WHAT THE HELL IS A $325 BILLION SETLLEMENT mean to them? Ain’t nobody hurtin’ in the bank business….they’re all eatin’ just fine, stashing away billions in the off-shore accounts…
Over 57 banks this year FILED FOR BANKRUPTCY PROTECTION WITH THE FED!!! YEP ON MAY 14TH OF THIS YEAR!!!! WHO DO YOU THINK IS GOING TO PAY TO BAIL THEM OUT OF BANKRUPTCY??? YOU ARE, ME TOO, ALL AMERICANS WILL HAVE THE LAST OF THEIR EARNINGS FOR THE REST OF THEIR LIVES AND THEIR CHILDREN’S LIVES GIVEN TO THE BANKS…TO KEEP THE ECONOMY GOING!!!! TO KEEP US IN THE “GREAT RECESSION” AS IT IS NOW BEING REFERRED TO….WHT A BUNCH OF CRAP!
HELL YES LET’S SUE THE FRIGGIN’ AGS, THE JUDGES AND THE LAWYERS WHO ARE DESTROYING US AT EVERY TURN, I’M ALL FOR SUING EVERY CONGRESSMAN/WOMAN, EVERY STATE REPRESENTATIVE, EVERY GOVERNOR, EVERY CITY COUNCIL MEMBER EVERYONE WHO HAS COLLUDED WITH AND PARTICPATED WITH THE CRIMINALS AND DOMESTIC TERROISTS AGAINST OUR NATION, OUR PEOPLE AND OUR LIBERTY!
That’s my story & I’m sticking to it… Penni