miracle it didn t crash. the senator was doing what she does best sticking it to those in the world of finance that should be held so some kind of account. an incredible settlement between the office of the occ and banks. a settlement over what are astoundingly widespread practices of deceit, malfeasance and incompetence of banks in wrongfully foreclosing on homeowners. today focused on part of that. and the history goes like this. it s amazing. a few keys, it became completely clear the foreclosure process in this country was a complete disaster. it began to look very embarrassing for a certain entity, the occ, that was charged with regulating the very same banks that were so obviously screwing it all up. the basic stance for the occ was, don t worry, we got this. they began what was called the independent foreclosure review, they said would be a way of
stories. new intelligence this morning that north korea could be planning multiple missile launches any moment. that s on top of expectations pyongyang will testify fire two mobile missile from the east coast. japan has beefed up the defenses. in the meantime, south korea has officially accused the north of orchestrating cyber attacks last month on its broadcasters. in all, 14 people were stabbed on tuesday, the school did reopen early this morning. the 20-year-old student, the suspect is under arrest. he s undergoing a psychological evaluation. he told investigators he had fantasies of killing people and that he had planned the attack. he ll make his first court appearance tomorrow. beginning this week, some 13 mortgage companies will begin shelling out money to homeowners who slogged through the foreclosure process. they didn t have to lose their
banks are forced to lend this money, financial institutions are forced to lend people money that they otherwise would not lend money to. and then the government backs it up and then we, the taxpayer, we pay for the default that s coming ten years down the road in massive numbers. or maybe even three years down the road. we have 2.3 million homes that are still in shadow inventory that haven t even hit the market yet. because of the administration s interference in the foreclosure process in states like california and new york, for example, they re not even able to take these homes back and put them on the market yet. so we haven t even begun to see a huge wave of yet another set of foreclosures coming down the pipe and at the same time, we re going to lend to people who can t pay back the loan. this represents 8% of the people out there, the group that the obama administration wants to cover, about 8% of the borrowers, but they represent 71% of the risk. that does not make any sense.
banks are forced to lend this money, financial institutions are forced to lend people money that they otherwise would not lend money to. and then the government backs it up and then we, the taxpayer, we pay for the default that s coming ten years down the road in massive numbers. or maybe even three years down the road. we have 2.3 million homes that are still in shadow inventory that haven t even hit the market yet. because of the administration s interference in the foreclosure process in states like california and new york, for example, they re not even able to take these homes back and put them on the market yet. so we haven t even begun to see a huge wave of yet another set of foreclosures coming down the pipe and at the same time, we re going to lend to people who can t pay back the loan. this represents 8% of the people out there, the group that the obama administration wants to cover, about 8% of the borrowers, but they represent 71% of the risk. that does not make any sense.
we re spending all of this money on college education and people are finding their way. i want to be very clear about something. i think you need a college degree. you absolutely need a college degree. this report finds if you don t have a college degree you re being bumped out. the question is, how much are we borrowing for it, how much are we spending for it, and are we being very strategic in the degrees we re getting and finds our place in the workforce. it s interesting. what is the one thing we need to know about our money? interesting foreclosure numbers. 414 days from the first missed payment to finally getting a foreclosure taken back by the bank, and new numbers from realty track showing that the foreclosure process is speeding up a little bit. foreclosure backlog is getting cleared up. that s a good thing. you want to wipe some of these foreclosures where no one has been living in the house, it s just been eyesore. you want to get through those. the foreclosure pro