This article by DSNews cites a number of conflicting reports about whether or not the litigation between the nation's State Attorney Generals and the five major lenders may be reaching a settlement. It appears that Obama wanted to announce this at his State of the Union address but sources say a settlement is still weeks away. As I had mentioned in a previuos blog, a principal reduction program is supposed to be a part of this agreement.
Under the terms of the deal, hhe homeowners attached to this lawsuit will receive a whopping $1,800 and approximately 1M homeowners will receive principal reductions. That being said, at least one AG feels that the settlement goes to easy on the lenders.
I absolutely love his quote: “In many ways, Wall Street isn’t just too big to fail, it’s also too big to jail"
Ain't it the truth!!!
Read the full article http://bit.ly/yLgtu5