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View Diary: Thank You President Obama! I was helped by the $26 Billion Settlement. That's why I'm a Democrat! (280 comments)

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  •  "forcing the bank to accept the new market value" (2+ / 0-)
    Recommended by:
    fcvaguy, hatecloudsyourthoughts

    Why would this be a just solution? If the market value of the house had gone up, should the gain be given to the bank as well?

    •  Because the previous high market value (3+ / 0-)
      Recommended by:
      George Hier, 3goldens, wsexson

      for which people to this day pay higher mortgage payments monthly was a bubble created by widespread fraudulent lending practices. If the banks weren't on-board with Bush's "ownership society" and pushing liar's loans, falsifying incomes and eligibility while waving away sound practice and due diligence, then there would never have been the inflationary housing "boom."

      So every single person paying for a home they bought since 2004, or refinanced, is giving banks a share of their money which the criminal frauds should never have seen. Today they are paying, underwater or not. Today, they continue to lose their homes because of overpayments on real value.

      So the options of who suffers for the fraudulent inflated rates, now that the bubble has popped is: those defrauded; those doing the fraud. One of those is the just choice.


      The Internet is just the tail of the Corporate Media dog.

      by Jim P on Sun Apr 22, 2012 at 12:30:40 PM PDT

      [ Parent ]

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