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Gov. Jerry Brown siphoned mortage settlement money


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By Ted Rall
March 20, 2014, 6:00 a.m.
As a news junkie and student of the human condition, it takes a lot to make my blood come to a full boil. It takes even more to make me sympathize with wealthy corporations. Hand it to Gov. Jerry Brown — he managed to pull off both feats with the news that he diverted more than $350 million from California's share of the 2012 national mortgage settlement with the banking industry to reduce the state's 2013 budget deficit.

Now that California is enjoying a budget surplus, a coalition of homeownership advocates and religious organizations has filed suit against the state to force Brown to restore the money.

Back in 2008-09, the real estate bubble burst, taking the global economy with it. By many measures, especially real unemployment and median wages, we still haven't recovered.

By 2010, a political consensus had formed. Though politicians were partly to blame, the worst offenders were the giant "too big to fail" banks that had knowingly approved loans to home-buyers who couldn't afford to pay them back, sold bundles of junk mortgage derivatives to unsuspecting investors and secretly hedged their bets against their clients. After the house of cards came down, the banks played the other side. They cashed in their chips, refusing to refinance mortgages even though interest rates had fallen. They deployed "robo-signers" to illegally evict hundreds of thousands of homeowners — including people who had never missed a payment — and to ding them with outrageous late fees, while the banks profited from the subsequent foreclosures.

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http://www.latimes.com/opinion/opinion-la/la-ol-rall-gov-brown-mortgage-settlement-money-20140319,0,2739538.story

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approved loans to home-buyers who couldn't afford to pay them back

 

dems forced them

 

sold bundles of junk mortgage derivatives to unsuspecting investors

most were sold to each other and foreign investors, specifically the english

 

secretly hedged their bets against their clients.

It was called insurance. When oblameo bailed out AIG the money was sent directly to Golman. Oblameo then claimed he didn't know. hahahahaaaa

refusing to refinance mortgages even though interest rates had fallen.

why would they lend to deadbeats again?

 

to illegally evict hundreds of thousands of homeowners

Don't pay your mortgage and see what happens.

 

I never liked the complete bailout. ALL banks in trouble should have allowed to go under. Solvent banks would have picked over the remnants and the taxpayer would not have been involved.

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approved loans to home-buyers who couldn't afford to pay them back

 

dems forced them

 

sold bundles of junk mortgage derivatives to unsuspecting investors

most were sold to each other and foreign investors, specifically the english

 

secretly hedged their bets against their clients.

It was called insurance. When oblameo bailed out AIG the money was sent directly to Golman. Oblameo then claimed he didn't know. hahahahaaaa

refusing to refinance mortgages even though interest rates had fallen.

why would they lend to deadbeats again?

 

to illegally evict hundreds of thousands of homeowners

Don't pay your mortgage and see what happens.

 

I never liked the complete bailout. ALL banks in trouble should have allowed to go under. Solvent banks would have picked over the remnants and the taxpayer would not have been involved.

stay on topic.

this is about how brown made his budget look better on the backs of ripped-off homeowners

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I assume you also have a problem with Obama stealing $700 Billion from Medicare (funded by FICA payroll taxes) to start up Obamacare?

 

I hope you do anyway. Aren't you getting tired of the left's shell games?

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I assume you also have a problem with Obama stealing $700 Billion from Medicare (funded by FICA payroll taxes) to start up Obamacare?

 

I hope you do anyway. Aren't you getting tired of the left's shell games?

I have a problem with you not staying on topic

tip

hone in on the fact that Brown is a dem.

that cal. is a blue state

that us libbers give Christie hell over basically doing the same thing

that he made himself look good tauting his fraudulant budget "miracle"

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stay on topic.

this is about how brown made his budget look better on the backs of ripped-off homeowners

You are the one that posted this.

 

"By 2010, a political consensus had formed. Though politicians were partly to blame, the worst offenders were the giant "too big to fail" banks that had knowingly approved loans to home-buyers who couldn't afford to pay them back, sold bundles of junk mortgage derivatives to unsuspecting investors and secretly hedged their bets against their clients. After the house of cards came down, the banks played the other side. They cashed in their chips, refusing to refinance mortgages even though interest rates had fallen. They deployed "robo-signers" to illegally evict hundreds of thousands of homeowners — including people who had never missed a payment — and to ding them with outrageous late fees, while the banks profited from the subsequent foreclosures."

 

So do not get upset when people correct your false assertion. CRA and HUD forced banks to make the bad loans.

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