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View Diary: Scott Walker to Steal Mortgage Settlement Money to Balance his “Balanced” Budget (234 comments)

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    Evolutionary, rosarugosa, peptabysmal
    I'm not seeing any evidence that the average home owner was hurt by bank malfeasance
    I am in no danger of being foreclosed upon (fingers crossed), and I got a mortgage in 2004 through the credit union where I work. They didn't falsify documents or hide any teaser rates or try to convince me to buy more than they knew I could afford. I am an average homeowner, I guess, but even I was hurt by the mortgage fraud committed by many banks.

    My wife and want to downsize in a year, but unless things drastically improve in the real estate market, we're stuck where we are. Now, there was no guarantee that home values would not go down, but we based our risk on the assumption that the market was not being secretly and illegally manipulated, especially on such a large scale. We didn't overbuy, we've never missed a payment, but even we were screwed by the banks.

    In the meantime, Walker's plan to help Wisconsin recover has resulted in service cuts to public services, businesses closing on Main Street, more private sector job losses, and significantly less take home pay for public employees, all of which make my state, my neighborhood, and my home a lot less attractive to potential buyers.  

    In that sense, I could almost buy the argument that the money should go to the general fund, which would relieve the burden on all taxpayers (by about five dollars per Wisconsinite), but it's a false argument. If the funds were used to keep a number of homes from being foreclosed on, that would help  me a lot more by raising property values by thousands of dollars each.

    It's also overlooked that the settlement money is restitution for crime victims. Bank employees committed fraud. They didn't just make errors in judgment. They knowingly committed fraud. As I said, I work at a credit union. We specifically did not engage in the behavior that the banks did, because our executive team and board of directors were convinced it was unethical and illegal.

    "They are an entire cruise ship of evil clowns, these current Republicans"...concernedamerican

    by Giles Goat Boy on Sat Feb 11, 2012 at 07:24:50 AM PST

    [ Parent ]

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