43:40 They finally signed the agreement with all the banks. Remember the big $26 billion deal that the president had done? This is, what is it... NationalMortgageSettlement.com. Remember we looked at that website? Yep! So they filed all the papers and I looked at them for you. So they did settlements with Allied, GMAC Bank of America City JP Morgan and Wells Fargo And each document each of these consent agreements is 328 pages long. I will say that they have a little thing there which is the settlement executive summary
44:29 and that's pretty accurate although I found some other interesting things in the consent agreements themselves. So the deal is, you know we get this big number 26 billion dollars yeah bullcrap what it comes down to is there's a five million cash payment, five billion I'm sorry. Five billion paid by the banks of which Bank of America and Citi pay most so Bank of America does three and Citi does little over two. Of that five billion 1.48 billion is actually being paid out to people who got foreclosed on incorrectly which boils down to $2,000 for about a million people
45:08 Congratulations. How cool is that? You get two grand, we got your house screw you shut up slave the rest of that five billion goes to the states to the attorney generals of the states to do with as they wish. It's like a fine, it's like a penalty so 400 billion goes to California- 400 million goes to California and then all the rest is kind of split up uh that's that's the big number and all the rest is split up amongst others Texas gets probably about 300 million and the attorney general can do whatever they want with that you know? And they're all going to put it towards education so that never happens again right? So you know that money's getting sucked up
45:49 So where's the other $21 billion? Well, it's not actually being paid. And they say right here on the fact sheet at least 10 billion will be dedicated to reducing principal for borrowers according to the rules. Refinancing, at least three billion will be dedicated to a refinancing program other forms of relief services will be required to dedicate up to seven billion dollars and then they've got some wording about credit they get for some of their required activities and I looked at how this works essentially this document
46:29 is all the rules as to how they can now go and foreclose on people. And they can even have a margin of error of up to 5% of mistakes that they can make on foreclosures, because of course there's so many foreclosures coming that they're pretty sure that there's no way they can do every single one of them accurately according to the new rules. So they get a 5% margin of error on almost every single category or foreclosure. And this will all be monitored by a commercial third party. And this is the only other piece I pulled out of this document that I thought was interesting, because you can't...
47:07 Forget about it. You know if you want any money from this money that's been dedicated You cannot have had one payment late in the past 18 months, you can't have you know Just no delinquencies There's no way you're gonna get any of this money that's been Dedicated which is actually not going anywhere They don't have to pay anything just have to make some reservation so as you're not gonna get all a shocker do you I? Just want people to understand it here's the one that was kind of nuts The monitor Must agree to not be retained by any party or its successors or assigns for a period of two years after the conclusion Of the terms so this is the revolving door, right? So I'm gonna monitor you. So okay that makes sense however Any professional who should work on the engagement only has to agree to not work for any of the parties for one year and then they have a contractor yeah the contractors and then subcontractors of the contractors
48:07 Six months. Yeah You just set it up that way yeah, of course you just you know just hey man I'll look the other way and in six months you hire me okay? 300 pages of rules on how to foreclose on you so you watch that we already talked about if you watch the storm is coming now and You're gonna be nothing. Nothing you can do about it, but they're gonna foreclose on everything stealing houses Yes And I mean there was a good story in a local One of the local shows or maybe been on one of the network shows about this poor bastard who owned his house outright
48:44 Yeah, and they foreclosed on him when they had no documentation that he they had anything to do with him. Yeah So it went right down to the end before it was just a last-minute thing where some judge Threw the whole thing out saying this is bogus but meanwhile that cops were at the door yeah He'll get I own the house you'll get $2,000 for his trouble That's the cap yeah, that's the cap It's just if this document I mean You can just see how they probably spent 20 billion dollars in legal fees Just making sure they set it up right? No and It's just sad, really sad. So if anyone... I don't know what to get you know the thing is if the way to solve this problem I think still