U.S. Government Settles with Banks on Robo-Signing Scandal

By
Services for Real Estate Pros with Charfen Institute

Yesterday, the Justice Department and 49 out of 50 state Attorneys General announced a settlement agreement with 5 of the nation's largest banks in the Robo-signing and Mortgage Service Fraud scandal that first came to light in late 2010.

The settlement, worth $25 billion dollars, was the largest government negotiated industry settlement since the Tobacco Industry settled in 1998.

In the Settlement, $5 billion is earmarked for $2000 payments to be distributed to borrowers who were illegally foreclosed on between January 1, 2008 and December 31, 2011. The remaining $20 billion will be used to help homeowners who are currently in danger of losing their homes by helping with loan modifications, principle reductions, refinancing, short sales, relocation assistance and other alternatives.

Join us on February 16th, 2012 for an Industry Broadcast, which will give you all the details of the agreement and what it means for agents and their clients. Click here to register!

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Rainmaker
1,370,138
Sally K. & David L. Hanson
Keller Williams 414-525-0563 - Brookfield, WI
WI Realtors - Luxury - Short Sale - CDPE, REDS

Every little bit helps....those of us who have elected to devote part of our practice to short sales appreciate whatever can be done to help distressed homeowners.

Feb 10, 2012 06:54 PM #1
Rainmaker
452,293
Patty Da Silva, Davie, Southwest Ranches Cooper City, Plantation, Weston, REALTOR
BROKER of Green Realty Properties® - 954-667-7253 - Davie, FL
Top Listing Broker

Alex,

I also think that every little bit helps; this is going to come a big help to the homeowners who are eligible for this settlement.

Feb 20, 2012 04:40 PM #2
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Rainmaker
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Alex Charfen

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