Obama using taxpayer money to buy election credit for November

8:34 AM banks, foreclosures, mortgage, obama, robosigning, taxpayer 1 Comment

As recently as 3 days ago, the 50 state Attorney General lawsuit against banks, MERS, and the massive foreclosures that took place because of Robo-Signing was at a standstill.  Then out of nowhere, the four states (NY, California, Florida, etc...) that had held off from a brokered agreement received a call from President Obama.

Within 24 hours, those states suddenly accepted the settlement, and now the banks will be shelling out a paltry $25-40 billion dollars for the trillions they made in fraudulent foreclosure game.  On top of this, the settlement will be as good as a taxpayer funded campaign donation for Obama, as states expect to use the money to help those who still have home refinance, and to buy off those who lost their homes with $2000 cash.

For those who don't understand what just happened, US banks just funded Obama's re-election campaign to the tune of $26-$40 billion.

Still, the agreement is the broadest effort yet to help borrowers owing more than their houses are worth, with roughly one million expected to have their mortgage debt reduced by lenders or able to refinance their homes at lower rates. Another 750,000 people who lost their homes to foreclosure from September 2008 to the end of 2011 will receive checks for about $2,000. The aid is to be distributed over three years.  - Zerohedge

Buying goodwill and elections in the final hour (year).  It's the American way in the land of crony capitalism.