patrick.net

So let the NEW game of 'get your principal reduced by thousands NOW call 1-800-CON-GAME' begin now! Get FREEEEEEE money from Obama! (i get it that this settlement $ is 'supposed' to be from the banks but its NOT - they get free money from ZIRP, endless bailouts, and accounting laws are totally suspended).

I guess we are about as corrupt as china at this point? Is it that bad yet?

Privatize profits and socialize the risk. Americas motto.

Obama is 1. buying votes 2. currying favor with anti-bank sentiment by pushing the banks around.
The whole thing stinks, because the people being rewarded here are those who are not paying their mortgage. The reason why is not important.
If Obama has enough time, EVERY group of Americans will have a government *entitlement*.
1. food stamps 2. free cell phones 3. mortgage relief 4. sec. 8 5. earned income credit (paid for having kids) 6. 99 weeks of unemployment
Obama and Holder are blackmailing banks into giving money away for no good reason. But, the banks are now afraid of Obama and Holder.
You all should also be afraid. Obama believes he is omnipotent and if you stand up to him (like Netanyahu) you'll receive his ire.
I learned a long time ago about guys like Obama, he's got a big chip on his shoulder and he's always gonna have one.

I suppose this is what a functioning democracy looks like. Most people are broke ass freeloaders in America at this point. THUS their interests are well represented in Washington. Go Democracy!

clambo says

Obama is 1. buying votes

If you think this is a democrat or republican issue you are mistaken. This is an america thing. Democrats, republicans, same circus, different clowns.

APOCALYPSEFUCK is Tony Manero says

If the settlement doesn't come with millions of banksters being kicked to death in the town squares of America, it doesn't come close to doing justice.

This will not be the last one. Dems or republicans,this will keep going.

nonsense woppa.
The banks were foreclosing on some guys who were not paying their mortgages for whatever reason they had.
This is an issue completely unrelated to banks making huge stupid gambles and losing money on their trading of CDS, etc.
This is also unrelated to banks making commissions.
Foreclosing on delinquent people is a normal function of the process.
This is just Obama using the process as an opportunity to rant against banks and champion those who 1. bought more than they could afford 2. bought at the peak of the bubble 3. can't pay 4. don't want to pay
As much as I dislike banks, they were only foreclosing on defaulting people and this is what they have to do.
Telling banks to eat the principal loss is blackmail.
I hate Bank of America, but the guy who goes in to stick them up should still go do jail.

Yves Smith has an excellent breakdown http://www.nakedcapitalism.com/2012/02/the-top-twelve-reasons-why-you-should-hate-the-mortgage-settlement.html