YOU COULD GET UP TO $125K IF YOUR CRIB WAS FORECLOSED!
A group of 10 major lenders has agreed to pay federal regulators $8.4 billion to settle claims of foreclosure
“robo-signings” and other abuses, the New York Times reports. Among the
lenders onboard are JPMorgan Chase, Citibank, and Bank of America.
About $3.3 billion of that will go to help Americans who were foreclosed on between 2009 and 2010, who could see payouts of between $1,000 and $125,000. The other $5.2 billion will go modify loans and reduce principal balances for troubled homeowners.
It was the second biggest settlement of the day for Bank of America,
which separately agreed to a $10 billion package to settle its various
disputes with Fannie Mae over mortgages—most from BofA’s Countrywide
unit—that went sour after the housing agency bought them.
BofA will pay Fannie Mae a $3.6 billion penalty, and another $6.75 billion to buy back some of those mortgages at a discount. BofA predicted that the deal would put a $2.5 billion dent in its fourth-quarter results.
SOURCE: BLOOMBERG
WE’LL POST “HOW” TO GET THE MONEY – AS IT BECOMES AVAILABLE
“robo-signings” and other abuses, the New York Times reports. Among the
lenders onboard are JPMorgan Chase, Citibank, and Bank of America.
About $3.3 billion of that will go to help Americans who were foreclosed on between 2009 and 2010, who could see payouts of between $1,000 and $125,000. The other $5.2 billion will go modify loans and reduce principal balances for troubled homeowners
.BofA will pay Fannie Mae a $3.6 billion penalty, and another $6.75 billion to buy back some of those mortgages
at a discount. BofA predicted that the deal would put a $2.5 billion dent in its fourth-quarter results.SOURCE: BLOOMBERG
WE’LL POST “HOW” TO GET THE MONEY
– AS IT BECOMES AVAILABLE
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