Chart: What the AG says RI will get from the big mortgage deal

February 9th, 2012 at 2:40 pm by under Nesi's Notes, On the Main Site

As you’ve probably heard by now, Attorney General Peter Kilmartin and his colleagues from across the country have reached a $25 billion settlement with the big banks for foreclosure abuses. The Washington Post’s Wonkblog has a solid FAQ explaining the deal. Felix Salmon likes it and Tom Sgouros doesn’t.

$25 billion is a lot of money, but how much of that will wind up in Rhode Island? Here’s a chart offering the official answer ($172 million), sent along by AG Kilmartin’s press secretary Amy Kempe:

For more information, visit riag.ri.gov/mortgagesettlement,┬áthe website Kilmartin’s office set up to help people understand the settlement and make use of it (if they’re eligible).

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5 Responses to “Chart: What the AG says RI will get from the big mortgage deal”

  1. Jim Donahue says:

    I don’t often agree with Tom Sgouros but he is spot on here.

    Felix Salmon just copies what other people write.

    Once RI is done with this there won’t be a penny for people who are in trouble right now.

    Kilmartin and Reed had nothing to do with this regardless although they will be tripping all over each other for credit.

  2. Jim Donahue says:

    Just another thought.

    Kansas courts started this whole thing by throwing out these foreclosures where the lien holder never changed the paperwork so some company with no bonafides were trying to foreclose on a property that records show they are not the lien holder. I remember when that came out in the news. MERS foreclosures – robo signing.

    http://foreclosurebuzz.org/2009/09/15/kansas-supreme-court-mers-is-a-straw-man-with-no-enforceable-rights/

    What did the courts in RI do under the same circumstances? NOTHING

    What did the AGs office here do? NOTHING

    But boy they will take credit for this good or bad.

  3. John Galt says:

    I’ve had a short sale declined by AHMSI twice. Foreclosure is scheduled for next month, AHMSI has already said they will also persue a deficiency judgement for the $200k difference (house is being appraised at $80k, but mortgage owed is $300k). The Servicers still win, and Citizens still lose.

    Smoke and mirrors, nothing more. If laws were broken, why is no one in jail? Why is RI still allowing deficiency judgements against these same borrowers by these same “banks”?

    Makes no sense.

    1. Jim Donahue says:

      I’ve seen estimates of more than $700 billion in illegal foreclosures so this is really as you said smoke and mirrors.

  4. Downsized54 says:

    The people that need the money will get nothing.The banks will get richer.The thieves and the unions will steal the rest of it.Another failed bailout program has started.The tobacco settlement money was gone in no time.People who lost loved ones from smoking got absolutely nothing.