$25 Billion Mortgage Lending Settlement Failing Miserably

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WASHINGTON – U.S. Attorney General Eric Holder, Department of Housing and Urban Development (HUD) Secretary Shaun Donovan, Iowa Attorney general tom miller and Colorado Attorney General John W. Suthers announced today that the federal government and 49 state attorneys general have reached a landmark $25 billion agreement with the nation’s five largest mortgage servicers to address mortgage loan servicing and foreclosure abuses.

California has been awarded the bulk of the $25 billion dollar settlement, granting $18 billion for homeowner assistance. In addition the state of California has imposed a fine as large as $800 million if the banks fail to uphold the agreement.

It obligated the banks to provide at least $25 billion in consumer relief as settlement for claims of improper mortgage. citi failed two, and Chase failed two. (Wells Fargo did fail one compliance.

What the $25B Foreclosure Settlement Means for You. Florida’s share of the total monetary benefits under the settlement is about $8.4 billion. Florida borrowers will receive an estimated $7.6 billion in benefits from loan modifications, including principal reduction, and other direct relief.

Law360, New york (december 16, 2014, 11:39 AM EST) — The monitor overseeing the 2012 $25 billion. mortgage loan modifications or avoid foreclosures. Ocwen did nothing to address the problem after.

$25 BILLION MORTGAGE SERVICING AGREEMENT FILED IN FEDERAL COURT . WASHINGTON – The Justice Department, the Department of Housing and Urban Development (HUD) and 49 state attorneys general announced today the filing of their landmark $25 billion agreement with the nation’s five largest mortgage servicers to address mortgage loan

The government’s $25 billion settlement Thursday with banks over fraudulent foreclosure practices begins a long-promised reckoning with the financial industry over its role in the worst economic.

 · $25 Billion Deal and JPMorgan Stumble to Aid of Bronx Homeowner. The mortgage settlement with JPMorgan and four other banks included very little cash and led one Bronx woman down a circuitous, two-year path before her loan could be modified.

The cost is also trivial in comparison to the average loan, which is roughly $180k, so the settlement represents about 1% of loan balances. It is less than the price of the title insurance that banks failed to get when they transferred the loans to the trust. It is a fraction of the cost of the legal expenses when foreclosures are challenged.

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