Cheryl Rosimos of Oakdale is threatened with foreclosure that will affect not only her family but also her six llamas. She has run from pillar to post to make her bank, Chase, help her but to no avail. The bank has said ten times that it has lost her documents.

The states are aiming to use the settlement funds in multiple ways – free legal help, restructuring of loans, plug holes in the budget, demolish houses etc. It will benefit those current on mortgages because due to no fault of theirs, the value of their houses have been tumbling for good many years.

Even before the 9th February Settlement with the banks has been formalized, many states are thinking of using the money to bridge deficit gaps for purposes not even remotely connected with the housing crisis. It is reminiscent of the tobacco settlement when the money was not spent on shoring up public health pertaining to smoking.

The government wanting to help the underwater mortgages will be unfair towards those who are current on their mortgages but whose property value has tumbled. The investor and pension funds will also lose. Ultimately one who holds on to the mortgage last will be the loser.

A new bill will soon become law in Florida. This will expedite foreclosure cases winding through the courts. Opponents charge that it will be detrimental to the interests of homeowners battling foreclosures. There have been strong protests in Tallahassee that instead of addressing foreclosure fraud the bill is trying to take away rights from homeowners.

If a ruling by Supreme Court of Massachusetts favoured the homeowner it would indicate how the recent settlement reached on 9th May still exposed banks to liabilities linked with repossessions of houses. It would also underline the challenge for overhauling the foreclosure system. The case underlines that prior to foreclosing the lender must possess both documents – mortgage and promissory note.

The settlement benefits will not go to troubled homeowners from Oklahoma as the state did not join in it; neither will Fannie and Freddie borrowers benefit. The focus of help will be on underwater or unemployed homeowners. Cash will be given to some. In luck or out? It will take some time for individuals to know.

Zuccotti remains the focal meeting point of the OWS activists. Since they cannot camp overnight in public spaces they are seeking shelters in some churches in an organized manner. Committees have been formed to pay for utilities, cleaning up and security. Those seeking shelter here have to enlist themselves. Churches will offer hospital through winter.