Political Quotes

“Earlier this year, the Obama administration and the State attorneys general across the country entered into a so-called multi-State mortgage settlement process, in a final settlement, with some of the Nation's largest servicers. What the administration stated at this time is that the settlement would require the servicers to use--this is important--their own money to help people, to help pay out overextended home buyers, basically. Unfortunately, this settlement went a lot further than that. In that settlement, people who were purely investors in mortgage- backed securities were also negatively affected by it as well--you might say literally taking money from them, or stealing money from them, through this process. You see, these private investors, they did absolutely nothing wrong whatsoever, but now they also are on the hook for having to pay in upwards of billions of dollars to, again, bail out some people who made some bad decisions and wrong investments. Now, I do very much sympathize with people, individuals--home buyers--who were hard-hit by the recession, and I understand what the intention of this settlement process was. But there is no reason whatsoever as to why private investors who fund our mortgage market in this country should have their private contracts broken and their money basically taken from them. See, they in this process were deliberately left out entirely of the administration's negotiations on the mortgage settlement.…”