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

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Real Estate Agent with SANDALS REALTY GROUP, INC

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

 

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.

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Rainmaker
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Surprise Arizona Realtor Jim Braun Sun City Grand Active Adult Communities
Coldwell Banker Residential Brokerage Jim Braun Sun City Grand Az - Surprise, AZ
Surprise AZ real estate Phoenix West Valley

Shelda: I can't wait to see how this all shakes out. It sounds like a bunch of lip service from the lenders as usual. We shall see!

Feb 15, 2012 10:43 AM #1
Rainmaker
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Laura Filip RE/MAX UTOPIA | Whitesboro Tx 76273 903-271-4978
RE/MAX UTOPIA Whitesboro Tx 76273, Serving all of Texoma - Whitesboro, TX
Your locally owned RE/MAX OFFICE WHITESBORO TX

INTERESTING THOUGHT THE PROGRAM THAT IS I WONDER IF IT WILL WORK AS PLANNED

Feb 15, 2012 11:50 PM #2
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Shelda Hodges

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