Finally, Relief for Homeowners: BofA Settles Predatory Lending Suit

I think this is just farfetched. We need the housing market to go down to ensure that other people can begin to afford housing. This will bring back a little financial prosperity and the American dream. Help the first time buyers!

Why were the banks loaning money to people who were high risk in the first place? Would you loan money to a person you deemed risky to pay you back? To blame the consumer is down right disingenuos. The lenders should have never made those loans in the first place. The Republicans own this mess, it happened on their watch and happened because of their belief that the markets need no regulation. To paraphrase Grover Norquist. "I'll be glad when conservatism is so small that it can be drowned in a dixie cup." FACT: the economy works better when Democrats have control of government. Don't believe me, research it, the goverments own statistic prove so.

Everyone should get a piece of the pie including those of us that honor our mortgage obligations --- our rates including FIXED should be adjusted equally to offset our contribution to this mess!

They were ALL drinking the Koolaide! The buyer who was just convienced their house would go up 1% a month... the mortgage company who was only in it for a commission... you can't reduce the principle enough to make a $200K home affordable for a family earning $40K a year. :(...

We are slowly heading towards a socialists society...Hip-Hip-Hooray!.........What's the point of being responsible anymore? I was approved for a house loan that was double the price of house that I eventually bought. I guess I was tought a valuable lesson on being responsible.....................There's no point in it because there is no accountability anyone more..............Next time I will buy the biggest house with no down payment and the biggest cars, biggest tv's and then blame it on everyone else for pressuring me into it.............................................give me a break!

Economic rescue will be effetive once the arrangememt is efffectively and evently distributed....It take time....The finance is already there......Be optimistic......Economic and Financial problem will be settle down...It is a matter of time now.......

Big problem, I think, is that everyone should own a home and those gambling on thier future taking out arm loans should have jumped into homes they could afford... NOT 5-6 times their income! Geez... The have nots will never have equality with the haves. NEVER.

Screw this! They just put MY money (and yours) into the hands of the ones who jacked up the system in the first place! ANYBODY who voted for this is automatically OUT for the next re-election in the House and Senate! It was taxpayer money, why wasn't this put to the taxpayers to decide? I did not want to be on the hook to pay the companies whose greed put them there and I don't want to bail out anyone who shouldn't have tried to buy a house in the first place!

As Henry Blodgett said " this will only delay the inevitable". The problem is that the vast majority of people who find themselves in foreclosure ( no matter what type of martgage) is their personal irresponsibility. If your matgage payment is 50% of your income your are flirting with disaster. This problem is made worse when they put almost no money down. Most of those who are given a second chance will be back in foreclosure in twelve months or less. Let them lose their homes and allow the market to reprice these homes properly and allow more responsible individuals to to purchase them

I hope we go through a serious recession! I am young enough to recover and I can buy all these stocks when they are low....."Buy Low, and Sell High"

Sure wish that I had been a narcissist or one of the irresponsible ignorrant borrows, sorry I mean takers, that had an adjustable rate mortgage on a home they couldn't afford anyways so that it would be paid for by those of us that are doing it right. This subject makes me sick. NO BODY held a gun to any ones head and made them take a loan. Why are they getting all the breaks? I took a 6% fixed loan and have never been late on a payment, it's really not hard if you live within your means. Ultimately the 1% that have foreclosed or filed bankruptcy have created this. If it were up to me, these people would never get a tax refund and any profits they make from the home sale later would go back to the government. After what this has cost my portfolio, I could care less if these people end up living in a box or a 90 year old woman in Akron shoots herself because she can't pay her mortgage?

Well if B of A is settling I guess we can say that they agree that they were a cause of the mess. Who else needs to fess up?

I pay my mortgage on time, didn't buy it at an outrageous price and got the fixed rate but because of these idiots, my home is worth less than what I paid for it. Screw them, give me the lower rate and the principal reduction!

Bruce B - check your math. That would be $3500 per person. Don't blow it all in one place.

Bruce, $700 Billiom divided by 200 Million is $3,500.

Catfish.. You asked why the banks were lending money to people who were high risk. Well that started under when Clinton was president he decided that every american has the right to have a home even if they can't afford it. He started this mess by forcing fannie and freddie to change their lending standards.

Anyone who thinks this is a Republican owned issue has their head in the sand. Who controls Congress? Who forced lenders to make "affordable mortgages" to low-income buyers? Who shut down 2005 efforts to regulate Fannie Mae and Freddie Mack? Democrats in congress, that's who. Who is the #2 beneficiary of donations from Fannie Mae? Obama, that's who. His associations and direct ties to the major players in this mess stink to high heaven. Voting for 'change' in November? Do some research first.

Starswon – YOU are part of the problem. I quote “Not everyone that bought a house was irresponsible!!! My mortgage company posted my payments incorrectly…” Are you incapable of calculating your own payments? It is really a simple formula in Excel or of course there are 100’s of on-line calculators. Enough excuses. Assume responsibility for your actions and life.

BRUCE B. Are you sure that is not $3500.00 each

I thought this was a very good discussion by HB, AT. Thanks again.