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-- just stand that we could have a deal at least closer to a deal -- that mortgage rework program -- Charlie Gasparino has been all over this Charlie Medea.
Our long national nightmare has come to an -- them Christians for -- settlement which lasted about over year.
From what we are we in this close of people doing the negotiating on the government side that they have come to terms tonight its interest mean.
It sounds like it's the terms of the big deal to 25 billion dollar deal because from what we on the stand.
The two holdouts and I -- this is unlikely -- and -- when I said the announcement -- Jersey and I think we'll get an announcement tomorrow but to to hold -- new York and California are in this thing for New York -- -- -- and that's what we hear from inside the group.
We saw that the firm -- -- stuff calls up but but the regulators.
That a part of that group are telling the Fox Business Network that they have a deal.
It's a big deal it's with basically all the states as you know it's when you have California there which was a hold out.
Who cares if like Delaware doesn't extradited California where the water source Delaware's -- viewing these guys are so what does it mean what is -- credit primenews.
There's two stories here this is about robo signing not having the legal authority to do the foreclosures on -- -- even if you were late on your payments.
And very delinquent.
Those people that are covered on the this will be able to refinance the loans lot of these those folks basically had loans -- -- on the -- and it couldn't get refinancing.
Part of that 25 billion dollar deal is numbers of people able to refinanced a loan.
I believe there'll be some fines in this I don't I think that's the smaller Baidu were joined today that they're not you know remember the banks are resistant you know look you can't.
-- -- -- -- -- I think -- -- altogether and -- don't know the real question is and we have to see this in the fine print.
How much will -- legal settlement in identification to the banks get going forward.
Is this a narrowly constructed deal just on robo signing or did they get they get sort of you know when you do these global settlements generally -- forgiveness of a lot of things.
Do they have other sort of of their issues forgiven in this never.
There's a lot of -- legal sort of investigations over.
How they packaged mortgage backed securities who don't have that did just get this needle movement on mortgages will do anything that well the one thing I will say is this I think I don't know I I have a real problem but bailing out anybody -- even homeowners if you bought a home now -- callous -- you couldn't afford it OK and now we're basically creating the sort of moral hazard.
Dad you know the government's backing you up and some even if you can't afford it now so prolong and I think potentially I'm -- Could be you know one of the things the banks would tell you is that this is all this investigation into the foreclosures prevented foreclosures from happening so you couldn't clear the market.
So maybe the whole issue is if you can deal with this one segment of -- owners.
Who are you know may be still current on their homes on the mortgage payments but need to refinance that's where is some just when I don't know about.
That they'll get some relief we get that out -- and then you can't foreclose on people.
Who are you know we Jerry could spur more spending which should be a net net positive -- we have the see -- I would I would -- plays out it's and it's a -- story.
What we understand that we reported this on your show yes that -- who did it's gonna be announced tomorrow the big change here though.
It's Californians that that surprised real quickly.
Bankers felt that this is being jammed down their throats right are they going to be more or less disposed.
To like -- -- -- I think less dispose I mean this -- you know why you are reported early tell you were talking about this Chris Christie.
At an existing dinner meeting which I can't I don't quite bought a New Jersey governor of new government judges it would put Steve Cohen of SEC cap of the big hedge fund our.
I barged in after the date they left apparently unfortunately for me but they did order some 350 bottle -- I found out -- some nice expensive steaks.
What's interesting about this this could speed as you know Christie besides -- New Jersey governor pretty good governor.
He's also a big supporter Mitt Romney he's raising money for on the Colin as a CC capital in 2008 at SEC capital employs two -- where huge supporters of Democrats Obama.
They've done a 180 now they're big supporters of the -- of of of Republicans.
And you know you see people like him closing up to Chris Christie.
You see Jamie Dimon the head of JPMorgan is they're also effect on -- a -- of -- -- -- the president looks like he could get reelected well the other middleware Ambac to involved.
Yeah I think so I don't think they would ever support a like a T I don't think -- exporter Rick Santorum.
But they will definitely support Mitt -- no matter how good proposal from the -- Look if it's 5050 how good you know Coca you know what they get to let you know -- -- look at -- this -- you know I don't lot of these guys a look at a satellite is what really have to lose he's it's all bad -- -- Can be any I guess you -- nationalize all the banks do you try to nationalize -- capital he could execute them.
He could exceptional parent no good stuff re education camps -- -- -- -- gets rid of the most quoted the most imitated the most copy do you most envied.
Business journalists on the planet I don't I think that distraction that's actually pretty true that's just here but what is the pot.
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