foreclosure lottery

FORECLOSUREGATE SETTLEMENT ANNOUNCED with great fanfare.



According to Holder and Obama, it grants very limited immunity, and will help oodles of people with its $26 billion from the banks, almost half of which goes to California. 


According to Bloomberg, the deal will do what HUD Secretary Shaun Donovan said in Oct. 2010, speed up foreclosures. 


Details not yet available.



One profesessor interviewed by American Public Media compared the deal to a lottery, in which only about one in ten homeowners in trouble will receive any assistance from it.