Robo-Signing Settlement Finalized
The federal government and a coalition of state Attorneys General have reached a $25 billion settlement with the nation’s give biggest mortgage servicers over robo-signing practices. Announced last month, detailed terms of the agreement between mortgage servicers and a coalition of state attorneys general and federal agencies were filed 2 days ago.
Most of the money — $20 billion — would go toward writing down principal payments for homeowners who were not foreclosed upon, but who are struggling now. There could be a million such homeowners eligible.
And there's another $5 billion in cash, part of which would go to the states to help fund homeowner assistance programs. Some of the rest would go to homeowners who may have been wrongfully foreclosed upon. For them, it's up to $2,000 each, which is not much if you lost your home.
New York Times
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