3.8 million people whose homes were in foreclosure in 2009 and 2010 will receive $3.3 billion in cash, plus another $5.2 billion in other help.
This report provides tons of accessible information, lots of clear graphics. Includes a detailed timetable, and state-by-state compliance data.
The state with the highest foreclosure rate, Arizona, is being sued for violating the settlement's federal consent judgment by not using the funds for helping homeowners.
States recently received $2.5 billion from the major banks for foreclosure prevention and related help for homeowners. But much of that is not being used for those purposes.
Homeowners who lost their homes to foreclosure may need to commit perjury to get restitution payments through the settlement. That would be the deepest kind of insult on injury.
What qualifies you to receive the $1,500 to $2,000 restitution payment for losing your home to foreclosure? More clues have just become available.
Under new rules coming on line, HARP is now available for refinances no matter how far your home is underwater. The 125% loan-to-value cap is no more.
Will Fannie and Freddie finally be making mortgage principal reductions now that their own analysis shows that doing so would benefit their own financial health--and make them better able to repay billions owed to U.S. taxpayers?
The bankruptcy world played a quiet but significant role in bringing about this controversial $26 billion settlement. So, fittingly, the settlement terms require the banks to make significant changes in their behavior in bankruptcy court.
Most of the $26 billion or so in this national settlement is designed to help current homeowners keep their homes. But $1.5 billion of it will go to about 750,000 who have already lost their homes to foreclosure. That’s about $2,000 each.
The settlement documents of the deal that was announced more than a month ago were finally completed and filed at court on Monday, March 12. They catalog page after page of serious wrongdoing by the banks in their servicing of mortgages and processing of foreclosures.
The settlement anounced on Feb. 9 has been publicly released so far only in a broad outline of its terms. Any day now the actual agreement will be finalized and filed at court. In the meantime here are some tantalizing tidbits.
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