democracynow.org – The US Justice Department has unveiled a record mortgage settlement with the nation’s five largest banks to resolve claims over faulty foreclosures and mortgage practices that have indebted and displaced homeowners and sunk the nation’s economy. While the deal is being described as a $25 billion settlement, the banks will only have to pay out a total of $5 billion in cash between them. We speak to one of the settlement’s most prominent critics, Yves Smith, a longtime financial analyst who runs the popular finance website, “Naked Capitalism.” “The settlement, on the surface, does look like it is helping homeowners,” Smith says. “But in fact, the bigger part that most people don’t recognize is the way it actually helps the banks with mortgages on their own books. … The real problem is that this deal is just not going to give that much relief.” Towatch the complete daily, independent news hour, read the transcript, download the podcast, and for the additional Democracy Now! reports about the US financial meltdown, visit www.democracynow.org FOLLOW DEMOCRACY NOW! ONLINE: Facebook: www.facebook.com Twitter: @democracynow Subscribe on YouTube: www.youtube.com Listen on SoundCloud: www.soundcloud.com Daily Email News Digest: www.democracynow.org Please consider supporting independent media by making a donation to Democracy Now! today, visit www.democracynow.org
Congress is considering a mortgage lending bailout, but most Americans agree its the wrong approach by a 2-1 margin. The housing market is adjusting to an oversupply of housing stock and the failure of some high risk borrowers to meet their mortgage agreements. After years of steady growth in housing prices and a historic expansion of homeownership, a market correction is to be expected. Rather than aiding the situation, government intervention would distort the natural correction and prolong the uncertainty and turmoil in the housing market. Americans understand this and believe that individual homeowners and lenders will need to adjust to market realities, according to a newly released Public Opinion Strategies poll. Between October 18 and 21, 1000 likely voters were questioned over their opinions on the mortgage crisis. With a margin of error of 3.1 percent., 90 percent of those surveyed viewed sub-prime mortgages as a serious crisis, but only 31 percent of respondents believed the federal government should get involved.
Related Material
Sept. 30 (Bloomberg) — Meredith Whitney, founder and chief executive officer of Meredith Whitney Advisory Group, discusses her report rating the finances of the 15 largest US states. Whitney, speaking with Betty Liu on Bloomberg Television’s “In the Loop,” says the US government may face a bailout for states over the next 12 months.Copyright Bloomberg 2010 § 107.Limitations on exclusive rights: Fair use Notwithstanding the provisions of sections 106 and 106A, the fair use of a copyrighted work, including such use by reproduction in copies or phonorecords or by any other means specified by that section, for purposes such as criticism, comment, news reporting, teaching (including multiple copies for classroom use), scholarship, or research, is not an infringement of copyright. In determining whether the use made of a work in any particular case is a fair use the factors to be considered shall include — (1) the purpose and character of the use, including whether such use is of a commercial nature or is for nonprofit educational purposes; (2) the nature of the copyrighted work; (3) the amount and substantiality of the portion used in relation to the copyrighted work as a whole; and (4) the effect of the use upon the potential market for or value of the copyrighted work. Meredith Whitney state 15 states finances bailout California Florida housing foreclosure bankrupt income tax AIG shares fed treasury
Related Material
Loan Modification Attorneys Negotiate Home Mortgage Bailout – Foreclosure Assistance Plan – Real Estate Foreclosure Prevention Alternative To Fraud and Scams. RealEstateMarketingThisWeek.com Will Help You Survive The Mortgage Meltdown Crisis by Modifying Your Home Loan. Avoid Foreclosure and Bankruptcy. Get Your Bailout Today. At http You Can Claim Your FREE Copy of My Latest Report: “THE FORECLOSURE SHARKS: A Look At The Rampant Theft Of Americans’ Homes Through Foreclosure ‘Rescue’ Scams”, and While There Also Sign Up For a FREE Consultation With Our Approved Foreclosure Prevention Specialists. Go To RealEstateMarketingThisWeek.com and Complete Our Easy Form – It Takes 2 Minutes and Can Help You Save Your Home. http