The new “national settlement with the banks” will not stop one foreclosure
The new settlement between the Federal government, 49 state Attorneys
General and five of the biggest, most crooked banks is a complete
fraud and another bailout for the banks.
Not one foreclosure will be stopped in the coming years by this
settlement.
· Only $1.5 billion of the $25 billion settlement will go to people
who lost their homes from 2008 to 2011 – paying a pitiful $2,000
[[over three years) to people who were victims of banks who criminally
stole their homes.
· A pitiful $17 billion will go toward principal reduction for
“underwater loans” where people owe much more than their property
is currently worth. But it is estimated that 11 million borrowers are
$700 billion underwater right now.
· $5 billion will go to the states to compensate for losses suffered
due to loss in property values. But there has been a loss of $1.9
trillion in home equity from the foreclosure crisis – resulting in
city, county and state layoffs and service cuts.
MORATORIUM NOW! COALITION SPECIAL MEETING
MONDAY, FEBRUARY 20, 2012, 7:00 PM
5920 Second Avenue, Detroit, MI [[at Antoinette St.)