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After months of negotiations held may finally be on the way for struggling homeowners across the country the nation's five biggest banks have agreed to wait 25 billion dollar settlement.
Intended to provide relief to more than two million homeowners.
But for many could be a little too little and too late especially when you consider that some who lost their houses will end up with just.
2000 dollars with second -- -- for.
-- -- is Fox News legal analyst Bob -- have or how about that morning.
-- -- about the settlement.
Well you know first of -- congratulations to the attorney -- that took this up and at least it's something to go after these these lenders that did wrong foreclosures -- wrongful -- to that.
I commend them and thank god for that but let's talk about the first of all Fannie and Freddie is excluded from this which amounts to 50%.
Of the mortgages that are underwater this country okay.
There -- there are Steve in this country one out of five Americans homer underwater which amounts to which amounts to 700.
Billion dollars in negative equity OK right now.
According to what we know.
-- these homeowners who were foreclosed on or getting -- up to 2000 dollars which is nothing.
And in addition that the banks have up to three years.
To comply with all this and they say.
This is a complicated formula so what does that tell you and I read it tells us that again.
The formula will be laid out but it's going to be slow process it -- up to three years to comply.
It you know what this tells me Bob it tells me the administration realizes there's so many people under water right now in some many people are angry at the situation that they are in.
In this administration has promised so many ways to fix it.
And so far just like -- -- the title of this segment that there have been shattered dreams you're absolutely right 2000 bucks what's that one payment.
As I've said for the last year or more Steve there is a human element him and -- -- human factor.
That is just completely been missed by this whole mess in America in this administration and again.
God bless the AG's -- have done this at least something was that but here's the thing.
How do you say to -- homeowner.
Who may have been wrongfully foreclosed on by robo signing.
By -- by the original note all the different things we talked about right how do you say to somebody who's been thrown out of their home.
That you're gonna get up to 2000 dollars as you know what's gonna happen Steve all lot of these homeowners.
They're gonna give up on this complicated process anyway because they're gonna say they -- what that I'm not gonna wait three years for this I'm not want throw another.
Mess all over again so although it's good.
It still doesn't solve the problem until we solve the foreclosure problems in this country Steve it's a band -- Well put it it you know 2000 dollars is 2000 dollars but you know if the president is gonna talk about fairness he should start on this.
And it would help a lot of people are right now but messy -- -- and they can quickly quickly.
Played a lead it's just big.
I -- get to wirelessly it's funny but you're absolutely good if you got questions for -- email us here at FOX & Friends will passable.
Very very god thank you Bob.
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