Send a Tweet
Most Popular Choices
Share on Facebook Share on Twitter 1 Share on LinkedIn Share on Reddit Tell A Friend Printer Friendly Page Save As Favorite View Favorites
General News

Breaking Down the Mortgage Settlement: How Far Does $26 Billion Go?

Quicklink Submitted By       Message Amanda Lang     Permalink    (# of views)   No comments

Related Topic(s): ; ; , Add Tags

View Ratings | Rate It

opednews.com

Author 5
Become a Fan
  (9 fans)
The big bank settlement over mortgage servicing abuses was finalized last week, detailing the agreement's actual terms.

Bank of America, Citigroup, Ally Financial (formerly GMAC) and JPMorgan Chase are on the hook for billions, which will be divvied up among penalties paid to the federal and state governments, direct payments to homeowners wrongfully foreclosed upon, and credits to the banks for providing 'consumer relief.' (Read the government's complaint and the banks' consent judgment.)

Here's a breakdown of key settlement numbers, showing where the money is going and how much help it will really provide for homeowners. $1.4 billion: total direct payments from the settlement to homeowners who were wrongfully foreclosed upon between 2008 and 2011. [Except in those states where governors are stealing the homeowners' money to cover deficits from GOP/Tea Bagger policies.
Read the rest of the story HERE:

At www.propublica.org

 

- Advertisement -

View Ratings | Rate It

opednews.com

OpedNews volunteer from 2005 to 2013.

Amanda Lang was a wonderful member of the Opednews team, and the first volunteer editor, for a good number of years being a senior editor. She passed away summer 2014.

Share on Google Plus Submit to Twitter Add this Page to Facebook! Share on LinkedIn Pin It! Add this Page to Fark! Submit to Reddit Submit to Stumble Upon Share Author on Social Media   Go To Commenting

The views expressed herein are the sole responsibility of the author and do not necessarily reflect those of this website or its editors.

Writers Guidelines

Contact AuthorContact Author Contact EditorContact Editor Author PageView Authors' Articles
- Advertisement -