Let's talk about that red flag bill that's up before the legislature. Thanks for joining us.ĬATHY WURZER: I'm going to talk to- with any luck here- State Representative Cedrick Frazier, the chief author of the red flag bill in the House here in a couple of minutes after you and I talk. Rob Doar, Senior Vice President of Government Affairs at the Minnesota Gun Owners Caucus- he's on the line live from the Capitol. Right now, there are others who are concerned about the scale and scope of those bills, including gun rights advocates. We'll talk to one of the bill's sponsors coming up here in a few minutes. What once was the heartbeat of America: Home Ownership, is still on life support.CATHY WURZER: And one of our top stories, there'll be a rally today at the State Capitol of people who want to see several gun control bills passed this session.
Fines can be levied, and maybe a few people will be compensated monetarily, but the damage is much more far reaching. These financial institutions, literally had no risk. Lucky for them, unlucky for us, as we had to sit back and watch my husbands Pension still decrease, while AIG handed out juicy bonuses to "keep the good employees from leaving." BRILLIANT! Insurance giant, AIG had to pay off those claims, and as a result was on the brink of failure until Congress voted to bail them out. I would like to know who came up with the idea to make bad loans, and buy insurance to cover them. Millions of families across the nation were harmed by the greatest fraud the housing industry has ever seen, and not one CEO is going to jail for it. $18,000 of her hard-earned savings prevented her from ruining her credit.but what did she really gain? It will take her years and years to save up that money to buy another house. Her condo was bought just before the decline, and she had to sell it during this recession. My daughter had to relocate during this time. He was assessed a penalty for the withdrawl. But then his company sold, and he took a paycut, and couldn't pay it back. There were some who were "lucky." My brother borrowed $40,000 from his 401K to avoid a short sale. A double whammy! Perfect credit ratings ruined, and they had no control over it. In order to qualify to sell their own homes, they had to intentionally miss mortgage payments to qualify for having to "short" the bank. Very little was reported about the families who were caught up in this situation, who had NEVER missed a mortgage payment! They had to sell, due to a job loss, or other life change. When they went to put their homes on the market, they found out they owed more than they could get for them! Home values around them had declined from the short sales and foreclosures heaped upon us during this tumultuous time. There are still families, struggling to pick up the pieces, who even had trouble getting rentals after this. There are still neighborhoods that haven't recovered, their homes devalued by the mortgage crisis. This was an insult to so many innocent people who lost their most important financial asset.the value in their home. I watched in dismay in 2014, when they testified before Congress, and issued blanket, insincere statements of apology, which, I'm sure, had to be carefully crafted by their attorneys. You don't see any of the financial institutions "feeling bad" for what they have done.
Even clients who "got deals," had the heart to feel bad for their gain at someone elses loss. I had no joy in playing a part in buying or selling distressed properties. While it was really bad for a while there, it is disheartening that we still have short sales and foreclosures as a result of the fraud inflicted by the financial industry. Will the average American who lost their home, or lost value in their home, see any of it? (If you do get any of it, please let me know.) As a Real Estate Broker, I've been riding out the Real Estate Market these past 7 or so years. Goldman Sachs promises to spend almost $2 million of it on troubled homeowners. Other banks, like Chase, Bank of America and Wells Fargo have paid out over $2 00 million in fines. They got off easy, only $5.1 million dollars was assessed to them. One of the last fines was handed ou t to Goldman Sachs for their part in this banking fraud. I continue to be ashamed of the way our Federal Justice System is letting the financial industry off the hook, for the worst Real Estate Disaster to hit our country since the Depression.
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