Five (5) U.S. bank accused, charged, and sued for abusive mortgage practices have agreed to a $25 billion settlement with the Federal Government. It is anticipated that the $25 billion settlement will be used to help approximately one million mortgage borrowers, at least a little, for fault foreclosures and their mishandling of requests for loan modifications.
The accused banks who have settled are: (1) Bank of America Corporation, (2) Wells Fargo & Company, (3) JP Morgan Chase & Company, (4) Citigroup, Inc., and (5) Ally Financial, Inc.
Relief from the settlement will be wide, but certainly not deep. Roughly 750,000 mortgage borrowers who lose their homes to foreclosure between 2008 and 2011 may get about a $2,000 cash payment each.
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