schnibble to answer you question there is nothing that says they can't use settlement money to do this. Here for example is what happened in only four of the states with the tobacco money http://content.healthaffairs.org/content...

RAF, in your response to thekai @ 2:37 you stated:
"thekai, I never claimed to be non-partisan, nor did I claim this action was right or wrong, I said it was normal and not new; based on govt budgets."
and shortly thereafter stated:
"But the partisan blinders prevent many from seeing the facts."
I suspect you meant only those who don't see things the way you do are blinded from seeing the facts. Is that correct?

Governor Tommy Thompson(R) left his term early to play with George W. Bush. When he left he claimed Wisconsin's finances were in the black. A claim he still touts today. When he left, Lieutant Governor Scott McCallum(R) quickly found out that the finances weren't as well off as believed. Wisconsin sold its 25 year, $5.9 billion tobacco settlement payment in exchange for an immediate $1.3 billion deal to cover a budget deficit. I have not read the official intent to see if was ok that they used part of the money for the deficit. To say that it is standard practice to use the settlements to pay budget deficits is flawed logic and does not make Walker's use of the Foreclosure Settlement ok. I cannot find any info that says it is ok for the states to use the Foreclosure Settlement to pay down holes in the budgets. If you have something please post it. I would like to read it.

thekai, I never claimed to be non-partisan, nor did I claim this action was right or wrong, I said it was normal and not new; based on govt budgets. The sad part is the left wing crying, that you do, without accepting the truth behind the whole situation. Even you can, or should be able to, understand this was not a dedicated fund like the 250 million stole from the victims compensation fund. This money is a settlement amount, just like the tobacco money. But the partisan blinders prevent many from seeing the facts. For a person that recently called others heartless, not civil, then made the hilarious claim, "I look at things as critically as I can, gather whatever information I can gather, and make my own decisions". Based on your current comment toward me you are not only a hypocrite you’re also a liar. The least you could try to do is be consistent, but as with most liberals on this site that is asking too much.

RAF turns 180. According to him, two wrongs make a right.*

*(If it was not a Republican, RAF would see the light. This is consistent with RAF's message. Republicans are fair, Democrats are scum. Also consistent: RAF will not criticize anyone from the party he supports. Further, RAF continues to claim he will examine every situation in a non-partisan way. In conclusion, no news to report.)

The walker haters are out in force again, ignoring these actions are nothing new in this state’s budget process or other states and the federal budget (or lack thereof) as well. Do you same people still think the money from the tobacco lawsuits only went to the healthcare for smokers as it was intended as well? There are many things that happen in government budgets that are not allowed by private entities, that also is not new. If you step back and look at the big picture here. This state has already spent monies to support displaced people from previous foreclosures; that money came from the state pile of money (budget) and was never planned in advance before it happened. Replacing some of that money from dedicated funding for the process may not look good based on your political "feelings" but making claims it is inappropriate is just false.

This settlement is a legal payment by the big banks. It settles lawsuits from 49 states that charged that the banks had not adequately screened people when they applied for loans. The banks only wanted the money so they could package loans and sell them. The banks were guilty and in fact should have been forced to pay far more. They tanked the country but the most heavily impacted are people whose homes are underwater or were foreclosed. The payment is not a general grant but targeted at specific areas that will offset the pain of the foreclosures. If Walker uses this for general revenue, he should be kicked out, not just recalled.

Funny how the state was doing so well. He balanced the budget, etc. Why does he need this for general revenue?

4bears-Always follow your Dads advise.

This program reminds me of the "Cash for Clunkers", and we all know how that turned out.

Shrek, quit being a tool! not everything your messiah does is virtuous.... seriously, you defend EVERYTHING they have done?

poorrichard, my Dad told me never vote Republican, which I thought was painting with a wide brush... as I get older I see the wisdom!

Fedup and the gang must have got fingers caught in the mouse traps! Come on guys , how many jobs has be bought us.
The money did go out you did know that, didn't you?

H O W M A N Y J O B S H A V E W A L K E R
B A C K E R S M A D E A V A I L A B L E
S I N C E H E G A V E T H E M T H E
M O N E Y A S S O O N A S H E T O O K
O F F I C E ?
YOUR MOVE!!!

Copperguy, you said "I have never seen a property tax bill where the state has a share. The STATE has not lost property taxes. Local governments, counties, school districts, fire districts, etc., have lost property taxes. So, is the state going to distribute all of that money to those units of government that HAVE lost?"

My property tax bill for 2011 shows that 1.24% of my taxes go to the State of Wisconsin.

Thanks thekai-That helps clear it up some. I guess the advise my Dad gave me many years ago to always read the fine print is even more important today.

poorrichard,
I will copy and paste my previous post. That explains my understanding of the situation (and is not entirely comprehensive, because my understanding is still limited).
What the banks did to cause this financial crisis is considered illegal for the same reasons entrapment by law enforcement is illegal. I agree, people should have spent their money and budgeted more wisely. However, the banks had an obligation to be fair and honest. The banks, in many cases, failed to meet this obligation. Further, some financial institutions were actually betting on the crash of the housing market while simultaneously lubricating the probability. You can argue all you want that this is not the bank's fault. The fact is, people much more educated, intelligent, and (hopefully) just than all of us have already had the debate. The conclusion was that the banks abused their power and indeed did owe United States homeowners as well as the US government monetary compensation.

I hope that clears it up a little bit for you.
Sure, the banks might increase fees etc and make us all essentially pay for this. That's still no reason for the state to take our money. That is, unless the state wants to cover all of those fees the banks increase and impose on us.

Can somebody explain "foreclosure abuse" to me?
I'm a little dense and can't figure out why if you don't or can't pay your mortgage and the bank takes your house-is that the abuse?. Or because they let people buy houses with no down payment and not enough income to make payments-is that abuse?
Now that this "settlement" has been made watch the forclosures really jump. And the bank fees will increase and we'll all end up paying for it anyway so why not let the state get their bone too?

Apparently, the golden boy is no better than Doyle.
Ouch, that's gotta hurt!
Oh, wait, it will never penetrate the bubble.

"$26 million of its $140 million share of a national mortgage settlement to help plug a state budget hole."
***
Of course Walker would never dream of asking corporations and wealthy individuals to pay their fair share. He'd rather dig the money out of foreclosure victims. Walker must be descended from the sheriff of Nottingham. Remember him?

Walker: what's not to like about this guy?
***
(1) He pockets money intended for Wisconsin foreclosure victims to solve his own problems. (2) He is suppressing the right of low-income residents to vote. (3) He stripped public employees of their bargaining rights. (4) He rejected money intended to be spent on a transportation project that would have enormously benefited the state economy. Etc., etc., etc.
***
Recall, anyone?

http://www.polycom.com/global/documents/...

I wonder if the Feds will follow another Walker trail of wrong doing........ seems to show a patteren.

FEDS NEED TO STEP IN....
WE PAY STATE TAX FOR A REASON AND FED TAX FOR ANOTHER REASON.... BOTH REASONS DO NOT EQUATE TO FREE MONEY FOR SCOTT WALKER AND HIS BAND OF THIEVES.
RECALL SCOTT WALKER..... REACALL THE FED MONEY....

Missouri has also stated they will use some of the settlement to help balance their budget even though the Attorney General of Washington state,McKenna, who was in the negotiations, has said the money cannot be used to do that.

The settlement Is for the ones who lost NOT THE THIEF No matter what money comes into this State he will use it for his own agenda, no matter who is to receive it so The rotten thief will BILK THE PEOPLE again. He is pitiful, worthless and the most corrupt politician in this sate THIS GROUP OF GOP in Wisconsin Should be charged with TREASON Please all you supporters RESEARCH THIS WORD as it Should have Walkers name as the Only example of the word . Have a nice day and we are one day closer to getting rid of 5 Rats in our state I would have enough pride and humility and just resign instead of wasting the States money. You blame the wrong people in this State as to who is wasting money.. They have the signature and the 5 GOP need to get honest with themselves and allow the the elections. If they could accept the truth that the people do not want them But then they are so egotistical and in THEIR OWN MIND think they can deceive and use their corruption to remain where THEY ARE NOT WANTED. Give the money to the ones it belongs to not to cover the costs they have burdened this state with.

What's Walker doing now, if he's not feeding from Federal government?
I thought He was not a believer in this kind of cash cow.

I thought his family values were to practice what you preach. This is more a case of taking money from the donations instead of giving.
This was not money for Walker to spend on his campaign.
April fools Jasper.

I have never seen a property tax bill where the state has a share. The STATE has not lost property taxes. Local governments, counties, school districts, fire districts, etc., have lost property taxes. So, is the state going to distribute all of that money to those units of government that HAVE lost?

The state has lost income tax revenue due to unemployment/underemployment. The settlement here is for arguably criminal lending practices, not for putting people on unemployment.

Joker and Shrek-there is an axiom that states" He who asserts must prove". I have looked and cannot find any info that says the states can use the settlement money to pay themselves back, except for Our States Attorney General BJ Van Hollen issued press release on the subject. Please provide a link to prove your assertion that they can.
I did find this web site http://nationalforeclosuresettlement.com...
Scroll down to the KEY PROVISIONS OF THE SETTLEMENT. " Immediate payments to signing states to help fund consumer protection and state foreclosure protection efforts."
There is a "STATES" tab on top. It gives the links to the different state's Attorney Generals web pages and their press releases on the settlement. I looked at a few and not one of them said they were using money to balance the budget. If anyone knows of a state that is doing what Walker is doing let me know. I would like to read about it.

mouse you're not that Eyster guy are you with all those capitol letters you been using lately?

I'm surprised the teapublican didn't use all the money to repair his fake budget repair bill.. once again walker comes up short..

Shrek I totally agree this was part of the payment. Anyone else, LOOK5 it up. I gave up my house (deed in Lieu) 3 years ago owed 112 on 90 loan. big story , bank sold it for 14700 glad I got out cheap fanny mae was a laugh no your not behind no you make to much no now your behind it was all a farce

At least some of the money will go to the state debt. I have no sympathy for people who used property as a profit tool, only to fall short when market changes occurred. We can't bail out everyone people and that includes the overspending Democrats in this state.

A FULL TIME CROOK..........
http://www.allvoices.com/contributed-new...
TAKES FROM THE POOR HOUSING PROBLEMS - GIVES TO THE RICH MINING WEALTH.

THIS IS NO DIFFERENT THAN WHEN HE REFUSED TO USE THE FED TRAIN MONEY... IT WENT BACK TO THE GOVERNMENT.
THIS MONEY WAS PROCESSED FOR A PURPOSE.... ONE THAT WALKER SAW FIT TI IGNORE.
I WILL ASK THE GOVERNMENT TO LOOK AT THIS AS A MERE MOUSE'S SUGGESTION.
OTHERS SHOULD DO THE SAME..... CALL CONGRESS ASAP!!!

FEDS SHOULD TAKE IT BACK FROM HIM.
THEY SHOULD MAKE SURE IT'S USED AS DESIGNATED.
THIS WAS NOT A GIFT OF SPENDING MONEY FOR WALKER AND THE KOCH BOYS.
THIS SHOULD BE CLASSIFIED AS THEFT, ESPECIALLIY MONEY FOUND ITS WAY TO OTHER THIRSD PARTIES IN THE WALKER CRIME SYNDICATE.
WAY TOO MUCH HAS HAPPENED WITH WALKER IN THE PASSED, THAT THIS SHOULD NOT BE INVESTIGATED.

@thekai- Well stated. I don't think there is a teacher or other public servant who would disagree that the union has allowed inferior people to retain their positions. They all know who the producers are and who they are not. The problem lies with the right wing approach to collective bargaining- and- I know you agree with me. To bring the barrage of negativity to get their point across was not leadership but bullying. We desparatly need a leader.

Shrek,
I couldn't agree with you more on one point. The problem with this country is absolutely the uninformed yet vocal masses. However, I should bring to your attention, that isn't me. I look at things as critically as I can, gather whatever information I can gather, and make my own decisions. I will give you one example before moving on. I 100% agree that unions need to be reformed. I think they have strayed far from their original responsibility of being for the workers, and not for fat cats. Further, I do not think it is fair that they collect unions dues and then contribute to whatever political campaign union bosses see fit. I think at the very least, members should choose who they want to contribute to (if anyone) and money should be contributed proportionately to how it's members want it distributed. I could explain more reforms that I believe unions need, but I hope by now you understand that I am not one of the pawns in an uninformed mass.

I suppose that you work closely with Walker then, don't you? So that must explain how you know exactly what parts of our projected deficit this money will cover, right? In your eyes, it's covering money lost due to the housing crisis. In my eyes, it allows Walker to continue giving tax breaks to millionaires. Both of us probably agree, irresponsible spending be damned. You are however choosing to ignore how irresponsible it is to give millionaires tax breaks while simultaneously making the lives of the impoverished even more difficult in these already harsh times.

It is interesting that you tell me I know nothing about the settlement. You have seen me quote one of your own posts outlining how the settlement is to be distributed. You've seen me post links to websites that break down the settlement. You should know that I have at least done some amount of research. Yet, on the other hand, you accuse me of doing nothing but spreading negative gossip about Scott Walker. It sounds like to me, you want nothing more than to picture me as a terrible, stupid person.

I think it would do you some good to take a step back and re-examine the situation. Between the two of us, which one is more ignorant?

Kai,
The money is for paying the state for costs already incurred due to the housing crisis, therefore it should be used to fill budget gaps that were created by the problem. But you wouldnt know that because you know nothing about the settlement and cannot bring yourself to say anything other than negatives about Walker. People like you are the problem with this country, uninformed yet vocal. Quit being a tool of the liberals and study the issues.

Also want to comment that once again, the Gazette has printed a short -- less than "Readers Digest" version of the full article.
````````
As readers, should we feel relieved or insulted that they edit the new for us?

jcommon " Isn't the government of Wisconsin entitled to some of this money also? Think about it this way. The state actually lost property tax money due to foreclosures also. Maybe Walker is just taking the money he figured the state lost?"

As state employees lose jobs and wages, isn't the state losing income taxes? How about all the companies / big corporations that are not paying state taxes, or the millions of dollars of taxes on the roles that are not collected. . . . your rationale leaves a lot of loopholes.

My step som bought his home in Delavan in early 2008-He paid $106,000-Its a small place with a nice garage-perfect for a single guy. Late last year he thought he would refinance
at the lower rates. Well guess what-his house now appraises at $82,000. I might add he works for the state and has taken all the cuts on his $17.00 hour salary. He still is paying his mortgage. Is he stupid? I don't know but it doesn't seem fair to me that he in some small way is paying for this bailout. And before you call me heartless I had a house foreclosed on in 1983 when I lost my job. It hurts alot even to this day. Whats the answer? I wish i knew.

Shrek,
Your cruise control was apparently stuck in the on position for the first part of your most recent post.

"•Payment to the State of approximately $31.6 million that may be used for compensation to the State, future law enforcement efforts, additional relief to borrowers, civil penalties and/or funding of foreclosure relief and mitigation programs."

Your own post. There is nothing in there that says the money should be used so a state can "fill a hole" in their budget. 100% of this money should be used to at least in some way help right the wrongs that were done. As I said in my first post, meanwhile, Walker continues to hand out tax breaks to "job creators." Someone else also pointed out, he is stealing from the poor and giving to the rich. If he needs to fill a hole, why not take it out of all of those tax breaks that go to the people who have two or more lavish homes? Are you so partisan that you cannot see why some people are upset about this?

THE SETTLEMENT CALLS FOR THE MONEY TO BE DISTRIBUTED A SPECIFIC WAY. THE WISCONSIN GOVERNMENT IS USING THE MONEY AS SPECIFIED BY THE SETTLEMENT. WALKER DID NOT MAKE THIS DECISION, THE FEDERAL GOVERNMENT DID.
***
Learn the facts before you comment. Are you so blinded by partisanship that you cannot see the facts????

I was completely taken back when I read this story. What in the heck is this guy going to do to us next? Anything he wants I guess. What a crying shame. Regardless of who was wrong for people getting foreclosed on, the intent of the money was to give the home owners some type of relief. For Walker to step in and grab their money to pay the shortfall to make himself look better for balancing the budget is deplorable.
For those of you justifying his actions by bringing up that this was the home owners fault by overextending themselves I suggest reading through the Rock County Sheriff Foreclosure results. http://www.co.rock.wi.us/civilprocess-fo... The majority of the foreclosed property is $100k and less. Drive by the properties, most of you wouldn't want to live in the houses. Crap, people were just trying to buy into the American dream.
Give this a read...it may make you feel better http://www.commondreams.org/view/2011/02...

hg: You're welcome :) People should have a little more compassion for others who are suffering. It's sad the hate I see today.

It's our money and we want it now. If Shrek is correct people who got forclosed on get $2000?
And money goes for law enforcement? Why and Why? Also last I heard the feds are still taking taxes from Wisconsin so it's great to get this back(except it's actually coming from the share holders of the banks-Ahh they're probably rich anyways)

DKUSH21: Thank you. I have been screaming that all day and I am happy to see that someone else out there has a little compassion too. I don't know who these people are that think they are so high and mighty and have to cut down and discredit those who come into hard times. And worry so much about our tax dollars helping them out. So what?
We could be spending the tax dollars on illegal immigrants instead. Would that fit their bill? I would rather give it to those who were trying to have nice things and the economy and job closings took its toll on them and now this illegal action by the banks and so on, than give it to someone who does not even pay taxes in this country to live here. But boy we sure do enough of that don't we? And we never say a word about it. May God have mercy on the criticizers in the end. They will pay for what they do in one way or another. Thats the way life is in the picture bigger than them. Blessed are those who suffer for they shall inherit the Earth. Again, Thank you for your comment.

To all of you who bash these people who have foreclosed on their homes. Pray to God that it never happens to you. What makes you think that these people did not know how to budget their money? With the jobs losses and housing market crisis or other unfortunate catastrophy, the most responsible person could fall into very bad times thru no fault of their own.

Hey JCOMMON: The point is exactly as you stated. Walker is just TAKING the money HE thinks HE has coming. Was there a vote of the people of the state on weather the money was given to the state or given to the people who deserved it? NO. He is just taking it and because of that not everyone is going to get the help they qualify for. Just another example of how this state is being run now. He does what he wants and we have nothing to say about it. I would say this borderlines on communism but the staff would delete my comment if I do. Okay, so maybe I should move out of the state if I don't like it? Boy, if I could, I would in a heartbeat. Bye.

Balance the budget? What a joke! You can't balance the budget when you have representatives that don't know how to manage money or stop wasteful spending. PERIOD!

Gandalf, I should of been more clearer. The shortfall is due to less taxes being collected on things such as home sales. Why should this money not be used to help with the shortfall? Do you really think it is wise to give more money to people who already showed they are irresponsible with it?

This money is not from the feds, it is from the banks. Here are the details of how it is to be spent.
***
Monetary benefits to Wisconsin will include:
•Up to an estimated $60 million in benefits from loan modifications and other direct relief.
•Approximately $17.2 million in uniform payments of up to $2,000 for eligible Wisconsin borrowers who lost their homes to foreclosure from January 1, 2008, through December 31, 2011, and suffered servicing abuses.
•Approximately $31.3 million in refinancing benefits for eligible borrowers who are currently making payments but owe more than their home is worth.
•Payment to the State of approximately $31.6 million that may be used for compensation to the State, future law enforcement efforts, additional relief to borrowers, civil penalties and/or funding of foreclosure relief and mitigation programs.

royo
I do not believe in a free ride in life you want something you work for it that is jusat the way it is and i was trying to be prepared for the day that GM was going to leave i knew my job was not garenteed all i needed was a month to get caught up I had a safety net set up so i could survive problem i had was i could not start my new job fast enough and i don't like getting a hand out from the government when i knew i had a job comming i just needed a little more time.

And the theft from Wisconsin taxpayers continues....Truth and Justice will prevail, but from the media reports sounds like Walker might get arrested before we can FIRE him

Joker, property taxes are local and have nothing to do with the state budget shortfall. Not one dime of this settlement should be used for repairing Walker's budget.

analertcitizen

Kind of makes a person wonder who gave Obama the idea.

@wislady- I have a little stock in BOA too and I made a little money. Won't make up for the amount I lost after the Bush Administration's 8 years of deregulation and big giveaways to corporations. Good news though- it is slowly coming back. Thank you Mr. Obama for your patience in resolving the financial crisis and for helping those who most needed(need)it at the time and now.

This is a 180 degree move as Walker has returned all other funds from the Feds.

I have no trouble using some of the money to fix the budget. Why do we have a shortfall? Because many in Wisconsin are not paying their property taxes! Why should this federal money go to people who were careless and reckless with money and their mortgages? We should not give them more money and have them screw up again.

Isn't the government of Wisconsin entitled to some of this money also? Think about it this way. The state actually lost property tax money due to foreclosures also. Maybe Walker is just taking the money he figured the state lost?

The real winner....

Warren Buffett’s stake in Bank of America Corp. increased in value by $154 million after President Obama and the U.S. Justice Department announced a $25 billion foreclosure abuse settlement with the five largest U.S. banks Thursday, records show.

http://freebeacon.com/warren-buffetts-ne...

The Attorney General of the state of Washington, one of seven AG`s who negotiated the settlement, said states cannot use the money to help balance budgets under terms of the settlement. It will be interesting to see what rationale is used in Wisconsin to circumvent those terms.

Hey LIZZYJAKE, SO WHAT!! You have no idea of the situation in Wisconsinresidents life. Who are you to judge. So you had it so good. Big deal!! Who are you trying to impress? And if you would have watched the news last night, forclosures were illegally taking place after 2 months! So take your safety net and go fish to put it lightly. Lucky you, boy aren't you the big man today. You don't impress me.

The comments on here are amazing! Have any of you even read the terms of the settlement???? Obviously not, because many of the comments show a total lack of knowledge on the subject.

wisconsinresident, if you were out of work 2 months and got in this much trouble, you were living pretty close to the bone. Foreclosure takes 6 months and a 6 month redemption period. If you worked at GM you could have drawn unemployment. Lots of people were effected by GM closing, including me, and I had a safety net, incase of emergency. I didnt need someone to bail me out.

Typical republicans steal from the poor and give to the rich. No surprise at all. We have the best government you can buy. Thats why they let the banks off the hook.

ok Darlene, cause you are all about honesty.

carlitosway......

You won't find "truth" on Soros funded articles.

Center for American Progress Action Fund

Formerly known simply as the American Progress Action Fund, the Center for American Progress Action Fund is a "sister advocacy organization" and is organizationally and financially separate from the Center for American Progress, although they share many staff and a physical address. Whereas the Center for American Progress is a 501(c)(3) nonprofit, the fund is a 501(c)(4), allowing it to devote more funds to lobbying.[16] In 2003, George Soros promised to financially support the organization by donating up to three million dollars.[17
Funding

""
If you make $40K a year, you can't afford a $200,000 house. It's pretty simple math.
""
It may be the borrowers responsibility to understand all of the Mumbo Jumbo as you put it royo. HOWEVER , why then does a bank even take your salary /credit rating / other bills into account if it is solely the responsibility of the borrower? My guess is that before banks could just sell your mortages to investment banksthey actually had to be careful and NOT put people in bad loans.
I am all for personal responsibility, but at some point the lending institution has to bear some responsibility too. Like you said a person/family w 40k in income CANNOT afford a 200k house, a banker shhouldnt need to hear that from me or you it should be as obvious to them as it is to anyone, and they should not be ALLOWED to make such loans. They did and it brought the economy to its knees, and guess what, THEY STILL ARE!!
People piss and moan about the need for regulation, and wonder why we need more of it, HERE is your prime example.

for those who think our Governor has no right to use some of this money don't realize that the state has spent and will spend millions in aiding foreclosure victims already. If the headline read "Wisconsin to use part of settlement for aid to foreclosure victims" you wouldn't have your panties in a bunch. But it's really the same thing. just how I see it. See ya'll in the next topic!

Most likely end up in his or his close criminal GOP sidekicks pocket or in his campaign fund (by mistake, mind you and he will have no clue how it got there) He is recalled get on with the ELECTION and let the people get THIS STATE BACK from these corrupt dictators... Good bye scooter

READ THIS LINK and get the real truth behind Walker the liar/// http://thinkprogress.org/economy/2012/02...

Where does Walker get off using money for foreclosures to lower the state debt? Who is he anyway? That is like using Social Security money for general fund and never putting it back no wonder the system is broke. Just another way to lay it on the middle class. We should have something to say about how things are done with our money.

Easy does it analcitizen......No one is attacking wisconsinresident. I personally think his specific situation sucks and the bank could have given him more time to come up with the cash. That doesn't change the fact that by being a couple of months late in paying that debt he was in violation of the terms of his mortgage and the bank was well within their rights to foreclose. You could just as much blame GM for closing the plant and removing his source of income on this one........

WISCONSINRESIDENT: Way to go Dude or Dudet whichever applies. You should be proud of yourself. Some of these people on here think they are so much better than someone who lost their homes because of this banking situation. It must be the person's fault because they spent their money on foolish things they say. I bet not one of them had to live paycheck to paycheck just to make ends meet. And yes some people did take a gamble and buy a home that stretched their budgets so thin that they could not afford anything else. But they were trying! And trying hard. Until the banks pulled their crap with the forgeries of how many documents? Did nobody but me see the interview of the man who was paid $10.00 an hour to forge documents for the loan companies allowing the banks to forclose on these unfortunate people? Now get one thing straight now all you better than thou people, I am not saying ALL are inocent and yes there are people who you have described but I bet the people who were for real and really tried thier best out weigh the ones who were really foolish. Point is judge not and ye shall not be judged. No I am not one who lost a morgage but I am not going to stereo type those who have like so many of you on here are doing. Seems like one person says something so everyone else jumps on the band wagon. I say give the people who qualify ALL of thier share and it is none of our business what they do with it. They know, there will probably not be anymore.

@Wisconsinresident- Ignore these imbeciles- they have no clue as to how much people have suffered since the economic downturn. They listen to Rush Limbaugh spew his venom and think they know how the world should be run. Many of them are obviously poorly educated as evidenced by their posts. They are perfect minions for the right wing- dumb and unschooled- they'll believe anything. I hope you get some satisfaction from knowing you made it. Good luck.

Wisconsin, why didn't collect unemployment? It is insurance, not welfare. Perhaps you would have faired better with the unemployment insurance?

Feb 10, 2012 at 10:52 a.m.
"...I guess as a borrower you need to hire a lwyer to be present at the mortage signing because expecting the bank to do its job and lend responsibly , is now just not reality. Their job is to lend the money then sell the mortage."

Yes, fear, if you do not understand the mortgage mumbo jumbo, then hire a lawyer. Banks are not lawyers and if you sign a document, you are confirming that you understand what you are signing. If you don't, well that's your problem, not the banks.

They lend money to people who show they are finanally responsible to pay the money back. If you lose your job, well maybe you should have taken that chance into consideration when figuring out how much you could afford. You cannot over extend yourself financially. If you can't afford to have a saving account with at least 6 months of living expenses, then maybe you need to reconsider your options.
If you make $40K a year, you can't afford a $200,000 house. It's pretty simple math.

I see how it is I suppose all of you are so called experts now. I paid for my truck I pay all my bills on time I did not run into trouble till GM closed what was I supposed to do. You all act like I am a bad person that did not pay my bills on time. A lot of times I went without I did not have the S100, 000 home or a $30,000 car I paid the bills first before I spent money on everything else took me two months to get another Job by then there was nothing I could do but start over I did everything I could to save my home but it wasn’t enough in everyone else’s They think I am a bad person. I also never collected one dime of unemployment or asked for food stamps or anything else I just needed time to get caught up. So tell me what u experts would have done in my situation. I already paid off my truck only had two years left on my mortgage to pay off I paid for my own education so tell what could I have done. Remember this was all started happening after GM Closed

JoyM.
I was raised the same way, and I appluad your parents. America would be a far better palce, if those guidelines were followed by all, instead of them saying help me, I can not take care of myself.

I sure wish there was a like button on some of these commments. Why is it that no one can take responsbility for their own actions? It is always someone else's fault. I completely disagree with the settlement in the first place. Giving cold hard cash to already irresponsible people? What do you think they are going to do with it? Pay down on their mortgage? Hell no! they are going to buy more things they don't need, just to show up their neighbors some more. Disgusting!

What the banks did to cause this financial crisis is considered illegal for the same reasons entrapment by law enforcement is illegal. I agree, people should have spent their money and budgeted more wisely. However, the banks had an obligation to be fair and honest. The banks, in many cases, failed to meet this obligation. Further, some financial institutions were actually betting on the crash of the housing market while simultaneously lubricating the probability. You can argue all you want that this is not the bank's fault. The fact is, people much more educated, intelligent, and (hopefully) just than all of us have already had the debate. The conclusion was that the banks abused their power and indeed did owe United States homeowners as well as the US government monetary compensation.

Sorry, I misspoke, I should have said; "I'd post links to verified sources and links, however people like their data wrapped up in a burrito of ideology stuffed with cherry picked data, loud mouth commentators, fake news and fantastical libertarian fantasies", but I think you get my point.

thekai,

By Talking to my local Senator. I was told that if everyone that was foreclosed on, under certain guidelines, recieved funds it would equal $1.5 to $2K. This would have to include the individual proving the foreclosure was because of banking error, fraud, or lack of performance. It is very doubt full that thw individual will see any funds. Not to put to fine a point on it, but these people new they were over extended when they took the mortgage,
why should we give them taxpayer dollars for their error in judgement and responsibility.

Yes, I see the GOP apologists are out in force today. If homeowners don't deserve the money, which by the way, the amount the settlement is for is a complete joke, then why is Walker raiding it to plug the budget shortfall, you know, the one we're not supposed to have because of all the wondrous and "needed" changes him and his buddies "think" we needed?
======
From what I've read of the comments so far, it seems none of those that are continually blaming American homeowners for the problem actually have no clue as to the complexity of the housing market bubble. Not surprising. I'd post links to verified info and sources, but they would get ignored, or the sources would be attacked in some childish manner.

Yada, Thank you for your support but did you see that the staff removed my post? Boy that says alot for freedom of speech and the right to my own opinion. Oh yeah, I can have my own opinion as long as I do not excersise the right of freedom of speech to voice it. Makes my wonder about the staff. They run a paper but will not stand up for the freedom of speech. HA! I don't care if they like it or not, it is my opinion and I have spoke it. Now watch them delete this one. HA HA!!!

@JoyM: Great post! There are many of us out here who grew up the same way you did. My Dad always said you can't get anything, for nothing (or for very little in the case of the subprime business). It seems that there are too many folks out there that didn't hear that sage advice and got stuck trying to pay for something they never could afford.

Nope i was two behinde and working on negociating with the bank did the forecloser happen never had the chance to get the payments cought up I had just gooten back to work when this happened. It was right after GM closed and i got my job in Madison.

"Scooter has raised hell in the past over using one-time settlement payments to solve budget holes especially if it was a Democrat doing it. When asked how using the mortgage settlement money is different from using tobacco settlement money or Wisconsin Election Campaign Fund monies to balance a bad budget, Scott Walker -- always the deep thinker -- replied, " This is different.""

wisconsinresident.......Were you totally current on your payments when the bank foreclosed on your home?

Hahahahahahahahahaha! Walker is such a tool!

saxcat70
What would you call wehat the banks did i lost my home durring this mess so if i am angry to bad but i can't recover what i lost i worked hard all my life to have this happen the way it did what would you call it. For people like me it is to late will never recover what we lost when you lose your home to forecloser lets see how you like it what else would you call what the banks did i call it crooked justice and politics who you think let the banks off the hook. It took me two years to find a new home so forgive me if I seem more than a little angry i worked to hard to get back on my feet

You know, my parents never had much money and no education beyond high school. But they taught me that you pay for shelter (mortgage or rent), utilities, health and home and car and life insurance, and food first, and then, and ONLY THEN, if ALL the bills are paid, do you spend money on discretionary items such as movies, cable, restaurants, etc. If something were to have happened to move them into true financial concern, the cable would have been canceled, and nothing not absolutely necessary would have been bought. The mortgage would have ALWAYS been paid first, then utilities, because my dad figured there would be some way to get some food if we were low, such as food banks, but it never happened because they were prudent with their money. My mom also balanced her checkbook to the penny EVERY month, and if it didn't balance the first time, she set it down and went back at it with fresh eyes until she figured out why. When I went to college, I lived at home and commuted to U-Rock and Whitewater because they couldn't afford for me to board away, but I finished college without a penny of student loans ever or any other debt, because they worked 3 jobs between them and I worked while I went to school, too. Somewhere along the way, we have lost the generational wisdom handed down to us and have moved into the "I deserve everything that everyone else has, even if they can afford it and I can't." If you can't put down 20% on a home, you had better keep renting. And if you can't save anything toward that down payment, you'd better do a complete review and overhaul of your budget and spending, and not expect the rest of us to bail you out when you screw up.

Fear...You're funny! Yes......I could see how the term "adjustable rate motrgage" could be so misleading. Who would have ever thought that the rate could adjust on an adjustable rate mortgage?? That one just boggles the mind!
I don't know the specifics on the tobacco settlement, but I can tell you I would have had zero issues with Doyle taking that cash from smokers and applying it directly to the state Medicaid fund if it was within his legal rights to do so. Call me crazy, but I don't think our government, or our legal system for that matter, should make a habit of rewarding bad decision making, and people who exhibit zero effort to take responsibility for the decisions they make.
I agree with you on Walker and the state budget as well. So you also believe that we should NOT have increased Medicaid spending by $1.2 billion as well as set up decreases in spending in other entitlement programs to close the budget gap??

I'm just a redneck, but I think you just said people and banks took out loans they couldn't later afford and lost their stuff.

bravo!

The U.S. subprime mortgage crisis was one of the first indicators of the late-2000s financial crisis, characterized by a rise in subprime mortgage delinquencies and foreclosures, and the resulting decline of securities backed by said mortgages.

The ratio of lower-quality subprime mortgages originated rose from the historical 8% or lower range to approximately 20% from 2004–2006, with much higher ratios in some parts of the U.S. A high percentage of these subprime mortgages, over 90% in 2006 for example, were adjustable-rate mortgages. These two changes were part of a broader trend of lowered lending standards and higher-risk mortgage products. Further, U.S. households had become increasingly indebted, with the ratio of debt to disposable personal income rising from 77% in 1990 to 127% at the end of 2007, much of this increase mortgage-related.

http://en.wikipedia.org/wiki/Subprime_mo...

After U.S. house sales prices peaked in mid-2006 and began their steep decline forthwith, refinancing became more difficult. As adjustable-rate mortgages began to reset at higher interest rates (causing higher monthly payments), mortgage delinquencies soared. Securities backed with mortgages, including subprime mortgages, widely held by financial firms, lost most of their value. Global investors also drastically reduced purchases of mortgage-backed debt and other securities as part of a decline in the capacity and willingness of the private financial system to support lending.[1] Concerns about the soundness of U.S. credit and financial markets led to tightening credit around the world and slowing economic growth in the U.S. and Europe.

Ever heard of a subprime mortage?-
A mortgage is classified as subprime if the borrower is assessed to be of high risk of default due to having a poor credit history, low level of income or other reasons that increase the likelihood that they will default

Have you ever considered how responsibly our banks are managing our money? The detrimental effects irresponsible consumer mortgage lending can cause have been shown in the aftermath of the recent global financial crisis (GFC). Irresponsible consumer lending, practised mainly in the US, in combination with the risk transfer to investors worldwide by means of mortgage securitisation, is widely seen as one of the major triggers of the crisis.

spinning and spinning and spinning, I think I am gonna puke.
Bob , respect your honesty. What has Walker done to make you so confident with his ability to manage money? I am guessing that you hate labor unions. Because Scott Walker has done zero to correct the buddget problems in this state, just playing the never ending shell game that politicians always engage in. Spend less here, spend more over there. We still have a budget defecit(3 bil+) and a budget shortfall(143 mil) both at or higher than when he took office, so......

WisconsinResident...Please tell me how you got screwed. I am NOT being judgmental of your situation, I would just like a firsthand account of what happened. I would bet many people who are making statements on this have no idea about it (myself included).

All of these odd negative posts indicate how little you know about the issue. The state (by the way, that's you and I) also lost money and needs to recoup. This is not comparable to the raiding of all of the funds by Doyle.

Much more complete
http://www.jsonline.com/news/wisconsin/s...

The settlement does not go far enough to punish those banks that committed the abuses. For those of us who lost our homes during this time we got screwed and the banks got let off the hook with a slap on the wrist and this is called justice they should have been put in Jail. But instead they get off with a slap on the wrist how you all like Obama and Walker now because Walker is taking that money to fix the budget that should have already been fixed instead of helping those affected by the mess the greedy banks are responsible for. This is called good government and justice what a joke.

Most of you here know that I support Walker, and will vote again for him if he is recalled. I felt he was the better one to manage our State money, and still do.
I am not a Republican, or Democrat. In fact I voted for Obama.
Having said that, I have never suggested that Walker walks on water, and I think this is just as wrong as when the tobacco money got "Detoured" a few years back.
I would like to see the accurate details on how this money was supposed to be divided up, but for now, I agree with it being wrong.
Now before all you haters out there scream "Look, he is against Walker"..re read my post.

Thank you governor walker for continuing to do what is best for wisconsin. It is nice to see a leader who is not afraid of public sentiment.

The corruption and smoke-and-mirror game continues.

I see the uptight right is all over this one deflecting the issue. The issue is NOT that people experienced foreclosure for whatever reason. The issue is that the money is to be used for them, not for Scott Walker's personal agenda.He bitterly complained about tobacco money being put in the state coffers while he was accepting money from the state and putting it in the Milwaukee County coffers. Hardly a man of the soundest principles. He sure does talk out of both sides of his mouth, doesn't he?

Sure its all the individuals fault , nationwide. The subprimes were explained thoroughly to every borrower. And of course loan underwriters are always responsible? I guess as a borrower you need to hire a lwyer to be present at the mortage signing because expecting the bank to do its job and lend responsibly , is now just not reality. Their job is to lend the money then sell the mortage.
At what point does the lender have a responsibility to NOT lend to people that they know damn well wont be able to afford it? When all of the mortages are just bought and sold as commodities now, whats the diffreence to them? Give them their commission and kick the can down the road, not their problem.

I thought boy wonder had the budget balanced? Just wait until schools make their second more severe cuts to education this year. We'll see how good boy wonder sounds then.

This program was intended as "Shrek" has posted. The portion of the funds that was for homeowners would be for low interest loans and paper work. If you have in fact lost your home I believe that you can apply for damages up to $2000.00 .That is not much when you consider losing your home but better than nothing...There is another program coming out March 15 that may actually help more than this settlement.I don't have all the particulars but if you have stayed current with your mortgage you'll be able to apply for a new loan at the lowest mortgage rate. The fee for the application will be discounted and there will be "no" appraisal necessary. So if you are up-side down on your loan it won't matter. The key is that you have had to stay current with your loan.

lizzyjake,

--)
"
Though it is unclear exactly how much money each homeowner might receive, officials have estimated that about $17 billion will go to current homeowners, to help reduce the principal they owe on their mortgages, while people who have already lost their homes can expect to receive checks for $1,500 to $2,000.
"
--)
http://www.latimes.com/business/money/la...

Are you sure "The PEOPLE will not see any cash,"?

I am not sure I am reading this chart (http://articles.businessinsider.com/2012...) correctly, but it appears the state governments (not citizens) are already receiving their own portion of relief via the settlement. I can't find a single source (yet) that indicates how much money of the settlement each state individually receives.

mistergee.....Why did you get foreclosed on? Was it because of these practices or was it because you stopped making your payments?? I realize that it is easier to blame a faceless corporation rather than yourself, but sooner than later you should take responsibility for the real reason that you were foreclosed on......

Money to the people - money to the people. Give me mine, I want mine. Where is the money, I want the money. I am entitled to get this money. A birth right you understand.

zeusmom......You're pathetic. So those that signed on the dotted line and made a promise to repay the money aren't responsible, yet the banks that they approached to lend them money are? Seriously.......how clueless can you be??
I realize that it is the liberal mentality to remove personal responsibility from every equation and make corporations culpable for every bad event that happens in today's society, but I don't know of one person who bought a house that they could afford, who then had the bank foreclose on that house using some kind of shady reasoning. That entire amount that our state government received should be divided evenly among the taxpayers who actually pay state income taxes. That would be a fair way to handle this without rewarding bad decision making and promoting a complete lack of personal responsibility......

mistergee - were you foreclosed on illegally or did you actually defaulted on your mortgage. Please explain as your post is void of the total picture and it does make a difference.

fearandrhetoric4dummies
Feb 10, 2012 at 9:08 a.m.
Suggest removal
They wont be, it will be deflect ,deflect, deflect. Excuse, excuse,excuse, just watch. Its coming.

Speaking of making excuses.....fear...the excuse spokesman.....

The funds the state recieve were to be divided into several different categories, over a three year period. When someone says give it to the people,are they expecting a check in the mail?
Most of the momey will go to lenders to off-set paper losses on refinancing, principle reductions, etc. A portion is to go to the State for losses in paper loses on State VA, Target Area, and Urban Developement loans. The PEOPLE will not see any cash.

I am one who was forclosed on. This money was intended for the homeowners because of the practices that were later declared illegal. The money IS supposed to go to these people who lost or cannot refinance because they are underwater, NOT THE STATE OF FITZWALKERSTAN!!!!!!!!!!!

HG - You are correct - ALL THE MONEY should go to the people - it was NOT intended to be used by WALKER and Co. Don't even take the time to read etc the SPIN by WISLADY...more nuts than your grandmas fruitcake.

Midnight_Ride,
I do not understand your analysis, logic, or question (if there is one). Please clarify.

I really don,t believe anyone was abused with their mortgage. A lot of people want stuff they know they can't afford, but buy it anyway, and say I was cheated, I was abused. What happened to 20% down and a good credit rating to buy a home, car, etc? These people new they we rate for risk, secondary financing buyers when they signed the mortgage.

thekai
Feb 10, 2012 at 9:51 a.m.
Meanwhile, tax breaks continue to roll for the wealthy "job creators" of the state. I'm not at all surprised.

....how many poor "job creators" do you know?
how many more poor and been collecting from the "people's money" since the Obama administration?
BOOM

Zeussmom
Feb 10, 2012 at 9:20 a.m.
So wislady, this gives Walker the right to scoop up the peoples' money?

Good!! Doyle and the Demos racked up a huge dept. This IS the people's money.

Let the spin begin- Right Darlene?

So now Walker is stealing more money from the tax payers "to plug a state budget hole." Meanwhile, tax breaks continue to roll for the wealthy "job creators" of the state. I'm not at all surprised.

The State would not have budget problems if they collected taxes owed by businesses.

jcommon, It's "their" not "there". And people were not necessarily irresponsible, although the banks were.

The bulk of the money is intended to help homeowners who have been foreclosed upon, are underwater or are at risk of default.
***
A portion is allocated to governments to offset costs incurred by the decline in the housing market.
***
A portion appears to unallocated at this time and I have read that this is what will pay the attorney's fees.
***
The Wisconsin government appears to be using the money as intended by the settlement.

I am against this money. PERIOD. Why should I have to pay for someone that was irresponsible with there mortgage to begin with?

I haven't kept up on this... exactly what is a "foreclosure abuse"?

So wislady, this gives Walker the right to scoop up the peoples' money?

Can someone explain exactly for what these funds were intended? I was under the impression the funds were to be used to help individuales (not the "people" as in the state) affected by forclosure in one way or another. Did I misunderstand?

If that money was supposed to go to home owners, it is almost like a tax hike on home owners.

WI’s budget numbers get political spin

"While substantial, Knapp said a projected deficit of $173 million isn’t unexpected and it could quickly be erased with even a small, better-than-expected showing in the economy.

Playing fast with the budget numbers is something Walker and the Republicans have not done much of, unlike their peers in the past, Knapp said.

As it stands, the structural budget, due in large part to deep spending cuts, sets up Wisconsin to move into the next biennium with a $100 million or better surplus, at least when it comes to promised funding for programs, Knapp said.

That would mark the first structural budget carryover since 1997, the economist said.

Still, the state budget is a long way from balance through generally accepted accounting principles, or GAAP. The GAAP gap, so to speak, stands at about $3 billion.

http://www.wisconsinreporter.com/wis-bud...

While I didn't go into foreclosure, I was also affected by them. Not only did my property value drop, but it has also become very difficult to refinance. So if Walker can take a share because Wisconsin was affected, so can I! Give me my share too!

Walker did this in Milwaukee while he was Milwaukee County Exec. Took state money then claimed he was so smart and balanced the Milwaukee County Budget. So essentially, Rock County and the rest of the state paid to balance the Milwaukee County budget. It's never ending with him and apparently he isn't planning on stopping.

They wont be, it will be deflect ,deflect, deflect. Excuse, excuse,excuse, just watch. Its coming.

I'm waiting for the outrage we saw when the state took money from the tobacco settlement and used it for budget shortfalls. Or when they "raided" the transportation and malpractice funds.

Hopefully, those who were so critical of Governor Doyle then (as I was) will be equally as critical of Governor Walker now.

What a joke

lastr year when the budget had a smaller shortfall (137 million) Walker and his zombies were screaming from the moountain top that we had to have all these changes. NOW , things are worse and the people who were screaming bloody murder last year , are telling people this is small compared to other states. LOve this stuff!! Wonder how this will be spun.

Huh, all this time I thought the budget wa balanced! Well at least they dont raid any funds to pay for other things.... oh wait, never mind. This is hilarious!!