Obama is taking credit
The Obama administration is taking credit for a $25 billion settlement with banks over foreclosure abuses. Seventeen billion will go to an estimated 1 million at-risk borrowers, or $17,000 each on average. In addition, borrowers who went through foreclosure in the past four years will be eligible to receive $1,500 to $2,000.
The bankers had already set aside most of the cost of the settlements, not President Obama. This money will come from the tax money bailout funds that were given to the banks by the federal government. All of this is classified as political election year shenanigans. Who pays the bill in the end?
Richard A. Mann