Remember that elderly disabled veteran that Wells Fargo wrongfully foreclosed on and then billed to death over a typo ? Well too bad he dropped dead in court, because he otherwise would have (maybe) been entitled to a cool $300 - $1000 to compensate him for his time and inconvenience. No, really: this is what his time and inconvenience (and also, his house) is worth according to federal regulators. DON'T SPEND IT ALL IN ONE PLACE OK?
I have it on good authority that this was all poor (black) people's fault for buying houses they couldn't afford (after their interest rates skyrocketed and property values sunk).
And the fact that most of the bad loans were reverse mortgages or terrible refinancing deals that had nothing to do with laws requiring a tiny fraction of loans through a few firms isn't because free market advocates need a government scapegoat so they don't have to admit the market can make mistakes but because fuck you, poor people.
"with about 80% receiving checks ranging from $300 to $1,000" I'm surprised they're getting checks and not, say, WalMart vouchers.
In hindsight Alan Greenspan thinks maybe he should have said something about a real estate bubble but no one could understand what he says any way.
so jealous.
Plus ca change, plus c'est la meme chose.
I have it on good authority that this was all poor (black) people's fault for buying houses they couldn't afford (after their interest rates skyrocketed and property values sunk).
And the fact that most of the bad loans were reverse mortgages or terrible refinancing deals that had nothing to do with laws requiring a tiny fraction of loans through a few firms isn't because free market advocates need a government scapegoat so they don't have to admit the market can make mistakes but because fuck you, poor people.
"with about 80% receiving checks ranging from $300 to $1,000" I'm surprised they're getting checks and not, say, WalMart vouchers.