Asked by Suz A, Longmont, CO • Mon Mar 28, 2011
The headlines have given details of a plan to fine the banks $20 billion for their acts during the "robo-signing" crisis, and use these proceeds to modify distressed mortgages. A number of suggestions have been floated, including one that was posted on Trulia. Three years ago, RealtyTrac posted a suggestion to use $220 billion to modify mortgages. The question then was whether the Bush administration should spend $700 billion on a bailout versus the $220 billion RealtyTrac proposed.
Well, we know the answer.
But, we're no closer to cleaning up foreclosures than we were 3 years ago.
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