Quote:
As more details emerge about the massive $26 billion foreclosure settlement between the five biggest mortgage lenders and the states' attorneys general, a growing number of borrowers are realizing that the deal will do little, if anything, to help them out.

Proponents of the settlement deal tout that roughly 1 million homeowners who owe more on their homes than their homes are worth are expected to have their mortgage balances lowered through principal reductions and another 750,000 would be able to refinance into loans with lower interest rates.

Rage grows over mortgage deal BofA to slash mortgage balances by $100,000 or more 'How we're losing our multi-million dollar home' Foreclosures made up one in four home sales
Uncle Sam wants you to rent out its foreclosed homes

However, that's only a fraction of the 11 million homeowners who are currently underwater on their homes, according to CoreLogic. And it's also a mere sliver of the 3.5 million people who lost their homes to foreclosure over the past four years.

Read more at CNN.com

Recap:
  • If you have a Freddie or Fannie Mae loan - this deal won't help you
  • If you have a FHA loan - this deal won't help you
  • If your mortgage was ever "sold" to another loan servicer - this deal won't help you
Who's left to help? Rage on American homeowners!
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Contrarian, extraordinaire