National Mortgage Settlement

February 10, 2012 Betsy Lynch 0 Comments

Please see the article below regarding the national mortgage settlement expected to be disbursed to the state. I wonder how much of this money will actually be received by the intended recipients, most of whom are my bankruptcy clients (or soon will be). Although the lump sum looks huge, the actual individual awards, estimated at $2,000, will hardly put a dent in the problems my clients have. Most of them owe tens of thousands in unsecured debt and $2,000 would not put a dent in Americas true underlying problem: too much debt. I also find it ironic when the government awards these funds, intended to help stimulate the economy and then the funds are intercepted by another government entity (usually taxing authorities or social service agencies) for another debt that they owe. Government then appears to be the good guy when really they just cut themselves a check! …

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