In ancient times, I'm talking way, way, back when, there were no prisons as we know them today. A thief had to compensate his victims for what he stole. How much? It varied.
Today compensation takes on an added meaning. We have crime victims compensation fund, BP oil spill compensation fund, insurance compensation fund and now in the works is a borrowers compensation fund.
A nationwide fund or a quick settlement to compensate borrowers who because of improper foreclosures lost their homes, is being considered and negotiated on by lenders and state
attorney generals across the nation. Iowa's Attorney General is head of this investigation.
As usual there is contention in the ranks. No one can decide how much each lender will contribute, which homeowner will receive the funds, or the length of time involved. These issues will take time of course but can you see this being resolved to the satisfaction of each foreclosed homeowner?
Back in ancient times the judicial decision was swift, the victim's property was returned plus he was compensated another 15-20 percent. And so it was with justice back then. What about today?
See these links for further information : washingtonpost and businessweek
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