Topic: Foreclosure Settlement

The $26 billion "Big Bank" foreclosure settlement announced in February is scrutinized for delays in filing official paperwork. Claims are made that banks used the two-month delay to transfer mortgages to Fannie Mae and Freddie Mac, which are exempt from the principal reduction requirements. The hosts criticize the mainstream media for failing to investigate the loophole.

The Obama administration's $26 billion mortgage settlement is analyzed as a potential scam. The hosts point out that no deal has actually been signed and that the requirements for relief—such as never having missed a payment—exclude the vast majority of struggling homeowners.