Sin_of_Onin
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Mortgage deal helps states in budget mess
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http://money.cnn.com/2012/02/16/news/economy/states_mortgage_budget/index.htm?iid=HP_LN
The money the states are getting is unrestricted. Could go towards funding planned parenthood or a new electric chair or anything!
/outrage
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Abaddon_Ambrosius
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Mortgage deal helps states in budget mess
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Wonderful.
Not.
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Sin_of_Onin
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Mortgage deal helps states in budget mess
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As a side note, I am fairly sure that CT got a lot more money from the deals struck with pharmaceutical companies a couple years ago. The pharmaceuticals were lying about their drugs and were caught. They still made off big on the deal even after paying the fines.
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ZigmundZag
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Mortgage deal helps states in budget mess
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The Article posted:
At least two states -- Missouri and Wisconsin -- are using the funds to plug big holes in their budgets.
Wait, what? Wasn't Elo or someone telling us how awesome Wisconsin's governor had done at balancing their budget when he struck a mighty blow against the teacher's union?
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imaloon1
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Mortgage deal helps states in budget mess
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Probably.
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Groucho48
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Mortgage deal helps states in budget mess
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ZigmundZag posted:
The Article posted:
At least two states -- Missouri and Wisconsin -- are using the funds to plug big holes in their budgets.
Wait, what? Wasn't Elo or someone telling us how awesome Wisconsin's governor had done at balancing their budget when he struck a mighty blow against the teacher's union?
A few weeks ago, Gov. Walker was bragging that his union busting had balanced the budget. Then, suddenly, there was a big gap and the only way to help close it was to use the mortgage money.
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Sin_of_Onin
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Mortgage deal helps states in budget mess
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A lot of state budgets over promised on savings cuts so are now looking for more money or more cuts. Those promised savings include cuts to things like pensions and health care.
The amount of money being talked about is relatively small.
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Rosaria
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Mortgage deal helps states in budget mess
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I don't really care what the states use it for. Does it matter?
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Groucho48
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Mortgage deal helps states in budget mess
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Rosaria posted:
I don't really care what the states use it for. Does it matter?
Well, guess it depends. Legally, the states brought the lawsuits against the mortgage companies, so, they can do whatever they want with the proceeds. Morally, the lawsuit was over the fraudulent way the mortgage companies dealt with borrowers, and the settlement protects the mortgage companies from any more lawsuits from those borrowers. So, an argument can be made that the proceeds should go to the mortgage holders.
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imaloon1
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Mortgage deal helps states in budget mess
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Well the fact that the homeowners will get about a grand out of the deal. I'm kind of peeved that the states are going to get more.
If the states would have stepped in and stopped this mess I might be more inclined to say ya they should get paid...
But they didn't....
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Kjarhall
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Mortgage deal helps states in budget mess
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Rosaria posted:
I don't really care what the states use it for. Does it matter?
Sure it does. Shouldn't it be confined to what it was intended for? Shouldn't it be reaching those it was intended for?
I'm surprised by your answer.
Think about it this way. Pretend it's YOUR state. Pretend it impacts you as a homeowner. What would be your reaction then?
Don't answer "It's not, so no reason to pretend". Because if one state can do it, other states can and will.
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Groucho48
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Mortgage deal helps states in budget mess
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Back in the day, the states brought a successful suit against tobacco companies for the increase in health costs that the states had to pay. They won huge settlements. The plan was supposedly to use that money to actually PAY for those health costs. But, the states ended up using that money for all sorts of other things. I'm sure there are other examples out there.
Kind of sucks for the folks who were actually the point of the lawsuit, but, that's pretty standard when they are up against the big corporations.
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