We have become more or less inured to the horrific statistics that comprise the foreclosure meltdown follies. One mortgage in four underwater, no equity left for the homeowner as far as the eye can see, vast swaths of Detroit given up for dead, etc.
All that said, and pronouncing myself a fairly assiduous student of this news genre, a tidbit caught my attention from the NY Times editorial supporting the stout resistance that NY AG Schneiderman (watch this guy, he will be governor some day….) is putting up against the fix that the bankster enablers in DC (aka Obama Admin) are pushing.
The administration also says that the proposed settlement would require the banks to write down the principal balance on underwater loans. According to news reports, the banks are likely to pay around $20 billion in the deal. With 14.6 million homeowners owing $753 billion more on their mortgages than their homes are worth, how far does the administration think $20 billion would go?
That a three quarter trillion dollar problem will be addressed by a twenty billion dollar solution is beyond farcical.
To make the numbers more conceptually managable, let's say you owe me $753, but can't come up with all of it. I generously offer to accept $733. plus your right kneecap.
Ain't you a lucky motherfucker?