National mortgage settlement provides $45 billion in homeowner relief

 · $25 Billion Settlement For Mortgage Relief: Will You Qualify? By Catherine New The government’s $25 billion settlement with five of the nation’s largest banks could help up to one million homeowners .

To mitigate losses suffered by homeowners victimized by deceptive practices during the mortgage and foreclosure crisis, the Attorney General obtained broad-ranging settlements from three major banks in 2013 and 2014. The settlements were with Bank of America, Citibank and JPMorgan Chase & Co. and related to their packaging, marketing, sale, and issuance of residential mortgage backed securities.

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If additional mortgage servicers join in the settlement, the total amount of the settlement could reach $30 billion or even $45 billion. Where will the settlement money go? It’s estimated that up to two million former and current homeowners will receive some form of help under the terms of the settlement.

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Wells Fargo has joined Bank of America on Florida Attorney General Pam Bondi’s list of possible violators of the $25 billion National Mortgage Settlement. Last week, Bondi wrote a stern letter to Bank of America with examples of homeowner concerns and problems her own attorneys have had in trying to help borrowers who are covered by the.

Obama signs extension for higher FHA loan limits President Obama signed into law a government spending bill friday morning effectively reinstalling higher conforming loan limits for the Federal Housing Administration through the end of 2013.. No Comment / Continue reading

Of the $10.6 billion in relief lenders have given to homeowners under the deal, $8.6 billion has gone toward short sales and deed-in-lieu of foreclosures, according to the report. Lender Bank of America provided some $4.8 billion in relief through this method, the most of any so far, while JPMorgan Chase came in second with $2.4 billion.

In February 2013, Joseph A. Smith, Jr., monitor of the National Mortgage Settlement and former North Carolina commissioner of banks, issued his third settlement progress report showing that we realized $45.8 billion in benefits in the first 10 months, helping 554,389 homeowners.

Five top U.S. banks have provided $45.8 billion worth of relief to struggling homeowners under a 2012 federal-state settlement to resolve mortgage abuses, according to a report released Thursday.

CA Attorney General Kamala Harris Announces $18 Billion Mortgage Settlement This Web site was developed and is hosted and maintained by the Attorneys General on the Executive Committee that negotiated the settlement. For questions regarding the settlement-signed by 49 states-please contact your state Attorney General or visit the Help for Homeowners page.

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