Last week, the Obama Administration and 49 state attorneys general announced a deal with the country’s five biggest mortgage banks on a $25 billion dollar foreclosure settlement. Community organizers working with victims of foreclosure, including National People’s Action, have criticized the deal as a paltry “drop in the bucket” that will do little to help the millions of families who have lost their homes or risk losing their homes because of the negligence and abuse of big banks.
The deal will help about a million families refinance the principle on their underwater homes. Those who have already lost their homes because of bank trickery or illegal robo-signing errors? About 750,000 such families will get a one-time check of $2,000.
That’s right: In exchange for Wall Street ripping off your home and ripping off our economy, the banks will compensate you a whopping $2,000. But don’t worry. Here are some housing options that families who have lost their homes can use their generous $2,000 check to buy.
A Pre-Fab Shed
Available from Home Depot for $1,789. Shipping not included. And some assembly required.
Two “Luxury” Dog Houses
Available for $949 at Wal-Mart. Each one, though, is probably only roomy enough for one adult or child per structure.
A Used Car
On Craigslist in Peoria, Illinois, someone is selling a used 1995 Ford F150 pickup truck for $2,000 on the button. It has over 147,000 miles on it, but if you’re going to just park it and use it as a home, that doesn’t really matter. And there’s room in the truck bed for the kids.
Of course, none of these options include such luxuries as insulation or indoor plumbing but, hey, the banks can’t spend that extra money helping the victims of their reckless subprime schemes. They have multi-million dollar bonuses to pay! Sheesh…