Roughly $25 billion in relief for distressed borrowers, states and federal government.After many months of negotiation, 49 state attorneys general and the federal government have reached agreement on a historic joint state-federal settlement with the country’s five largest loan servicers: Ally/GMAC Bank of America Citi JPMorgan Chase Wells FargoThe settlement will provide as much as $25 billion in relief to distressed borrowers and direct payments to states and the federal go... Continue reading ...
Posted by Michele A Peters on Friday, February 10, 2012,
Announced yesterday:A.G. SCHNEIDERMAN SECURES $136 MILLION FOR STRUGGLING NEW YORK HOMEOWNERS IN MORTGAGE SERVICING SETTLEMENTAfter Schneiderman's Persistence, Narrow Settlement Preserves Sweeping Legal Claims For Housing Crisis Misconduct That Has Not Yet Been InvestigatedNew York To Receive More Per Underwater Borrower Than Any Other State, Plus Loan Modifications, Principal ReductionsSchneiderman: Civil & Criminal Investigations Will Continue As We Seek Accountability For Those Responsible... Continue reading ...
Well, some interesting news was published today in the New York Times.
The Associated Press reported that The Obama administration will expand its signature foreclosure-prevention program to try to help those with heavy debt loads avoid losing their homes.
The Home Affordable Modification Program will also be extended through 2013.
The government will triple the financial incentives for private lenders to reduce the principal amount of mortgages for homeowners at risk of losing their homes. And ... Continue reading ...
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