Tag Archives: federal

Foreclosure Settlement Finally Official

It’s gone. It’s done. I can see the Shire.

The US District Court judge for the District of Columbia signed off, finally, on the big $25 billion foreclosure settlement between five banks, the federal government, and most of the states.  On Wednesday, Judge Rosemary Collyer approved the settlement, which was announced two months ago.  The $25 billion settlement will be divvied up by the states and is suggested to be used to ease financial burden on improperly foreclosed homes and help pursue negligence in the future.  However, as I’ve mentioned before, some states are going to use it for whatever they feel like.  Georgia in particular is using the money to support local infrastructure, presumably telling the federal government “you can’t tell me what to do, you’re not my real dad”, slamming its door and hiding under the covers afterwards.

Read more after the jump.