I am beside myself with fury!!
Remember this a day or two ago? Woooo, the big bad State Attorneys General all teamed up and got those nasty banks to pay us back! Of course, it wasn't much. Losses currently clock in at $7 Trillion so $25 Billion is the proverbial drop in the old bucket, dear Liza - but it's something, by Golly!
And, ohhh, the banks gnashed their teeth and stomped their feet, but we got 'em! Right?
Look! Right HERE
In case you want to know, this is what it says:
US Taxpayers To Subsidise $40B Housing Settlement!
Yup, you read that right. Read it again, just to make sure.
The article is short, but here's the part that you will choke on
a clause in the provisional agreement – which has not been made public – allows the banks to count future loan modifications made under a 2009 foreclosure-prevention initiative towards their restructuring obligations for the new settlement, according to people familiar with the matter. The existing $30bn initiative, the Home Affordable Modification Programme (Hamp), provides taxpayer funds as an incentive to banks, third party investors and troubled borrowers to arrange loan modifications.There is no good news. They will NEVER give up their filthy lucre, not ever.
And by the way, I would LOVE to be misunderstanding this. Really.