Another Multi-Billion Dollar Foreclosure Abuse Settlement Likely

Hot news from AZ Home Help:

Posted To: MND NewsWire

Fourteen large banks appear ready to pony up another $10 billion to end allegations of foreclosure abuse. According to the New York Times , the settlement would end federal investigations into the bank's purported faulty paperwork and excessive fees. Unlike the $25 billion settlement between all but one of the states' attorneys general and some federal agencies completed earlier this year, the lion's share of the new settlement would go to homeowners . An estimated $3.75 billion would be used to compensate those already foreclosed and evicted from their homes and $2.25 billion would be used to assist other distressed borrowers to stay in their homes through principal reduction or other loan modifications or by helping those borrowers to refinance. Under the earlier settlement $1.5 billion was...(read more)

Forward this article via email:  Send a copy of this story to someone you know that may want to read it.

Source: www.mortgagenewsdaily.com

- For more real estate news visit our website at http://www.AzHomeHelp.com