Current Weather
The Spy FM

Deal With Banks Isn’t Only Way For Homeowners To Get Help, HUD Chief Says

Filed by KOSU News in Business.
February 10, 2012

The $25 billion settlement with five banks unveiled Thursday, which aims to give some mortgage relief and other help to homeowners who got hurt when the housing bubble burst before the 2007-2009 recession, has been viewed with skepticism by some folks in the nation’s hardest-hit housing markets, as NPR’s Greg Allen reported.

Of particular concern to many, as Greg found, is that with “750,000 potential claimants,” the money in the settlement that’s been set aside to compensate “robo-signing victims who have lost their homes,” comes to about $2,000 per owner.

On Tell Me More today, host Michel Martin asked Housing and Urban Development Secretary Shaun Donovan why that isn’t just “window-dressing.”

Donovan said that for many who suffered from the burst of the housing bubble, “the harm was a few thousand dollars.” Some “had fees they were charged that they shouldn’t have been.” For others, “their paperwork was lost and it delayed them from getting help.”

But if a homeowner suffered more damage — “$50,000 or $100,000″ or the loss of a home — there are other remedies, Donovan said. After documenting the harm, such homeowners can “at the cost of the banks” if those institutions were at fault, “get full compensation.” And, Donovan added, nothing about the $25 billion agreement “stops you from going into court.”

There’s more information about such remedies at the National Mortgage Settlement website.

Much more from Michel’s conversation with Donovan was broadcast on Tell Me More. Click here to find an NPR station that airs or streams the show. [Copyright 2012 National Public Radio]

Leave a Reply

9AM to 10PM Sound Opinions

Sound Opinions

Take two nationally respected rock critics, the latest music news, personal commentary, and exclusive interviews and performances, add a huge pile of records old and new, and the result is Sound Opinions-the world's only rock and roll talk show.

Listen Live Now!

10AM to 12PM The Toaster Brunch

The Toaster Brunch

The Toaster Brunch is our Sunday morning Reggae show, hosted by E-Roy. The Toaster Brunch has an active following of scooter clubs and rastas from around the world. E-Roy is also a high school principal.

View the program guide!

12PM to 1PM This American Life

This American Life

Take in a slice of Americana with critically acclaimed host Ira Glass on "This American Life." Each week he picks a theme, then gives his writers and performers the freedom to weave real stories from real people around that theme in a manner they find most engaging.

View the program guide!

Upcoming Events in your area (Submit your event today!)

Streaming audio and podcasts

Stream KOSU on your smartphone

Phone Streaming

SmartPhone listening options on this page are intended for many iPhones, Blackberries, etc. with low-cost software applications available to listen to our full-time web streams, both News on KOSU-1 and Classical on KOSU-2.

Learn more about our complete range of streaming services

We're perfecting the patient experience - Stillwater Medical Center