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FDIC "Cash for Keys" Proposal Would Pay Underwater Homeowners $21,000 to Walk Away

The five biggest US mortgage servicers were told this week at a private meeting with regulators to consider paying delinquent borrowers up to $21,000 each as part of a broader settlement of the foreclosure crisis.

People who attended the meeting, chaired by the Federal Deposit Insurance Corporation on Monday, said the industry-wide “cash for keys” program would involve the biggest servicers, led by Bank of America paying borrowers as an incentive to leave their homes.

http://globaleconomicanalysis.blogspot.com/2011/03/fdic-cash...




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Just wait until the tax man

Just wait until the tax man cometh. I'll bet you give all of the $21K back to Uncle Sam after you factor in the short sale gain and you still loose your home. Yet another scam by Uncle Ben to screw you even more. I'll bet the BMW crowd who is mortgaged to the hill will jump at it so they can keep their Beemer.

If I was in foreclsoure, I would sue the promissary note holder (doubt if they posses the legal version)
and tie it up in Court for years.

There is no Left or Right -- there is only freedom or tyranny. Everything else is an illusion, an obfuscation to keep you confused and silent as the world burns around you." - Philip Brennan

"Invest only in things that you can stand in front of and pr

This will feed the conspiracy theory

that the NWO schemers want to depopulate large regions of the US and concentrate a "worker population" in "compact communities." Step one: get the people to leave their homes.

Ask yourself, why else would the government seek to be involved in encouraging people to walk away from their homes. I can't think of any conventional reason.

New Hampshire and Ecuador.

Can you say Agenda 21?

Can you say Agenda 21?

There is no Left or Right -- there is only freedom or tyranny. Everything else is an illusion, an obfuscation to keep you confused and silent as the world burns around you." - Philip Brennan

"Invest only in things that you can stand in front of and pr

Anyone know a bad, I mean good appraiser?

I have about 20k to 30k in equity, it is for sale, but if I get an appraiser to low ball it by 35k, I can just leave it and just have them give me 20k?

That would be hard because I bought a cheap house, but if something like this happens, they better be ready for everyone who is about even or slightly higher to look at collecting 20k to move out of their house.

90% of all Apraisers have

90% of all Apraisers have worked in collusion with Realtors and Banksters and receive kickbacks for apparaising property whatever the Kingpin errr I mean Realator or Bank asks for. So basically, throw them a bone and you can get whatever you want.

There is no Left or Right -- there is only freedom or tyranny. Everything else is an illusion, an obfuscation to keep you confused and silent as the world burns around you." - Philip Brennan

"Invest only in things that you can stand in front of and pr

Another super dumb

idea from the Obamanoids.

I simpler and more efficient solution to the crisis is to shut down the IRS. That would solve most situations almost overnight.

Sounds like the government is looking to buy real estate...

Real cheap.

I may not know the truth, but I know when I'm being lied to...

This is a lot better idea

This is a lot better idea than sending $3 trillion in bailouts to AIG, Goldman Sachs, etc.

Thomas Jefferson 1796, 1800, 1804; James Madison 1808, 1812; Ron Paul 1988, 2008, 2012; Rand Paul 2016.

NCMarc's picture

dont get it..

what purpose would this solve? paying people for bad behavior? yeah, that seems the norm these days. I walked from my over-inflated house last year and the bank took 14 months to forclose on it.. i was happy to give it back to them. it was only worth 1/2 of what the mortgage was.

-----
A great empire, like a great cake, is most easily diminished at the edges. - Ben Franklin

Bad Move

If you were with any of the to big to exist banks they turned the Note into a security and had no right to take your home. www.stopthefraud2010.com On this site a Federal Judge breaks down the Fraud and how none of these banks are the holder in due course of the note. They have destroyed title in 77 million mortgages in this country. Read "My Home is my castle" by David E Robingson to get a good background on this subject. The reason your house was over inflated is because they took the asset you monetized (your note was created by your signature, they loaned you nothing) and sold it to Wall st. for a 50% gain one week after the closing. They then received this so called money back and listed it as an asset to the bank. They can now loan out 9 times that amount because of fractional reserve banking. So lets say you mortgaged 200,000. They sold it to Wall st. for 300,000 the next week. They then proceed to lend out 2.7 million. Sell it to Wall st.for 4 million. Times 9 equals 36 million worth of loans they can make. Wash repeat, wash repeat. This is how you get 1.5 quadrillion dollars worth of derivatives. The banker bailout would of paid every mortgage in the country in full. Instead they dropped that debt on us and it only took care of 99.5 % of this derivative mess. The banksters fucked this country fatally so don't talk about bad behavior regarding home owners.