I AM A CHUMP !!!!!

I am frugal.

No, wait.

I will admit that I am obnoxiously cheap.  Why am I so cheap??  I know what it’s like to live with almost nothing.

I grew up in a standard middle class family.  My parents both worked very hard to provide five kids with everything that we needed (and most things that we wanted), so I did not go without while growing up.

A number of years while in college is a different story.  There was one summer that my roommate and I had to save up to get a quarter to play the pinball machine at work.  Some of the best times of my life (and greatest adventures) were those years that I had nothing.  But I do not want to be 50-70 years old living like that !!!

I “brown bag” my lunch almost every day.

I buy almost everything when it’s on sale.

I don’t live beyond my means.

I didn’t max out my mortgage when I refinanced even though the bank would have let me.

I didn’t take out a home equity line to buy a 60 inch plasma TV.

Feds announce $25B settlement over foreclosure abuse

http://www.foxnews.com/politics/2012/02/09/feds-announce-25b-settlement-over-foreclosure-abuse/

Federal officials announced Thursday that 49 states have accepted a $25 billion foreclosure-abuse settlement with the five largest mortgage lenders — a deal that primarily helps underwater homeowners but pays just $2,000 to those already wrongly foreclosed upon.

Those who lost their homes to foreclosure are unlikely to get their homes back or benefit much financially from the settlement. For those improperly foreclosed upon, the banks will cough up checks of $2,000 to about 750,000 Americans. The banks will have three years to fulfill the terms of the deal. 
OK, so far this is about “improperly” foreclosed homes.  I really don’t have problem about that except if it was improper (illegal?) why aren’t those involved being investigated and held personally  accountable for those actions???Anyone remember “Sarbanes Oxley”???

But the deal was geared more toward homeowners who are struggling to make payments now, yet still have possession of their homes. The agreement requires the banks to commit a staggering amount of money toward changing loan terms. At least $10 billion will go toward reducing the principal for borrowers who are delinquent or underwater borrowers at risk of default. At least $3 billion will go toward refinancing. Other payments will go toward state governments, and the federal government, to “repay public funds lost as a result of servicer misconduct,” according to the Justice Department.

AHHHHHHHHHHHHHHHHHHHHHHHH !!!! “Other payments go towards state and federal government “!!!!

Now I’m starting to get it

Attorney General Eric Holder said the deal would “hold mortgage servicers accountable for abusive practices.” 

Well, I can only presume that the worst AG America has ever had will be investigating “Fannie and Freddie”.

Looking at another source:

http://lubbockonline.com/filed-online/2012-02-09/25-billion-settlement-reached-over-foreclosure-abuses#.TzfyqlF-iuI

About 11 million households are underwater, meaning they owe more than their homes are worth. The settlement would help 1 million of them.

25 BILLION dollars that will only “help” 1 million households?????

That’s government “help” at its worst.

And of all that money,

The bulk of the money will go to California and Florida, two of the states hardest hit by the housing crisis and the ones with the most underwater homeowners. The two states stand to receive roughly 75 percent of the settlement funds.

Hmmm, Imagine that !! No electoral votes there !!!

I do things the right way, and others get rewarded for not doing so.  What a chump I am !!

President Obama, please stop trying to help us.

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2 comments on “I AM A CHUMP !!!!!

  1. scroungelady says:

    There’s plenty of blame to go around. Almost all the Federal budget goes for Social Security, Medicare, and defense. The rest, even billions, are just drops in the bucket.

  2. 1389AD says:

    Actually, the best thing for recovering from the housing bubble would be the very last thing in the world that Obama would want to do: banning public employee unions.

    See: [LINK] for why this is important.

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