Info for All Taxpayers:
- WaPo: Experts React with lots of variants on too little, very late but better than nothing.
- Business Week: How The Settlement Will Increase Foreclosures Nationwide.
- Naked Capitalism: Top 12 Reasons to Hate the Foreclosure Settlement.
- CalculatedRISK: There is a $700 B gap between house values and underwater mortgages--the settlement is 5% of total. The settlement barely touches the problem of negative equity.
- Video: Va's AG Cuccinelli on Commonwealth Participation.
- Virginia is #8 of States with negative equity.
- The Charlottesville Albemarle Area is rife with effective negative equity.
- The banks have three years to enact relief. Three years. Which means that in many cases, they won't have to.
- $31 M to those who experienced foreclosure abuses from 1/1/2008 to 12/31/2011.
- $409 M will be used for principal reduction and mortgage modifications.
- $69.6 M will be paid to the Commonweath as penalty.
- Up to 15,000 mortgage holders may qualify.
- Those who have had houses lost to foreclosure may qualify for a payment, spread over three years, of $800-$2k.
- Mortgage holders who owe more than the house is worth may see their principal reduced by up to $20k.
easy-to-follow narrative about who may be eligible.
See also Attorney General Ken Cuccinelli's website.