"$318m for state in banks deal" February 10, 2012|By Jenifer B. McKim
Thousands of Massachusetts homeowners are likely to benefit from the state’s $318 million share of a landmark multibillion-dollar settlement unveiled yesterday between the nation’s attorneys general and five major US banks that had a role in the country’s foreclosure crisis.
The $25 billion deal comes after months of talks with the companies: Bank of America Corp., JPMorgan Chase & Co., Wells Fargo & Co., Citigroup Inc., and Ally Financial Inc. It still requires approval from US District Court in Washington, which could come later this month.
It's a slap on the wrist after trillions in fraud and illegal seizure of homes.
Massachusetts Attorney General Martha Coakley said the agreement will allow many property owners who make payments to one of the lenders to reduce mortgage debt, lower interest rates, or receive other assistance to save their homes. Some families who already lost homes to foreclosure will receive a modest cash settlement....
Oh, yeah? How much?
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"Judge approves $25b mortgage loan settlement; Mass. to get $300m to help homeowners" by Jenifer B. McKim | Globe Staff, April 06, 2012
A federal judge has approved the $25 billion multistate mortgage loan settlement between 49 state attorneys general and five major lenders, one of the last steps before more than $300 million in mortgage relief will start flowing into Massachusetts.
Massachusetts Attorney General Martha Coakley said Friday that the settlement — and subsequent funding — is key to helping troubled homeowners and slowing the flood of foreclosures in the state.
Yes, they continue even as.... never f***ing mind.
US Housing and Urban Development Secretary Shaun Donovan also praised federal District Court Judge Rosemary M. Collyer’s decision to approve the accord as a ‘‘victory’’ for homeowners fighting to save their homes.
The deal—signed by Bank of America Corp., JPMorgan Chase & Co., Wells Fargo & Co., Citibank, and Ally Financial Inc. — is expected to provide some $257 million in mortgage relief to Massachusetts homeowners, including loans rewritten to reduce homeowners’ principal and interest rates.
Why was that such a problem in the first place? Aren't banks trying to work with you and the mot trustworthy of institutions?
Local borrowers who lost their homes to foreclosure between Jan. 1, 2008, and Dec. 31, 2011, and were treated improperly by the five banks may qualify for a cash payment of about $2,000 each.
Oh, it is CHUMP CHANGE!! That is nowhere near enough to cover rent at some shit hole for a couple of months!!!
The state also is expected to receive about $45 million in direct funding that it can use to assist homeowners. It is unclear how the funding will be allotted, but more information is expected in the next few weeks.
Peter True, a HUD spokesman, said money going directly to states will be sent out within about 10 days. Under the terms of the agreement, he said, banks have three months to draft a plan detailing how they will contact and provide help to borrowers.
‘‘Based on that timeline, we expect to see servicers taking significant action toward meeting their obligations under the settlement by the fall,’’ he said. ‘‘Banks have an incentive under the settlement to take action to help homeowners up front.’’
Then I'm $ure they will be taking action on it.
Coakley’s office declined to provide any more information about the settlement on Friday, but a state website advises consumers to contact their loan servicers with questions or call the attorney general’s consumer hotline at 617-727-8400.
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I guess I spoke to soon.
