Log In | Register
CBS News) There are new details about the massive mortgage settlement reached between 49 states and five major banks to help struggling homeowners
$26B Mortgage Deal: "Who Gets the Money?"
Seeded on Fri Feb 10, 2012 2:22 PM EST
Article Source: CBS News
- Enjoy this article? Help vote it up the 'Vine.
- Public Discussion (5)
Only the facts:
On "CBS This Morning" business and economics correspondent Rebecca Jarvis outlined how the money will be spent:
- $17 billion will go towards reducing principal on mortgages;
- $3 billion towards refinancing;
- $1.5 billion towards payouts for improper foreclosures (This is the up to $2,000 that the 750,000 homeowners may see as a result of being foreclosed on, and is on a first-come, first-served basis); and
- $3.5 billion will go towards state and federal governments to deal with foreclosures.
Jarvis says relief for homeowners could be as long as three years away
Comments and opinions welcome.........
TDR
- 3 votes
#1 - Fri Feb 10, 2012 2:28 PM ESTI heard about this and my thought is that it's a good start. It doesn't go anywhere close to serving justice for people who were wrongly forclosed on.
- 3 votes
Curious what immunity the banks get for their money. Most likely it's worth MUCH more than what they're paying out.
- 4 votes
#2 - Fri Feb 10, 2012 3:06 PM ESTJust more smoke and mirrors, remember it is election year. the polititions need their votes and the banks need more free money.
- 4 votes
#3 - Fri Feb 10, 2012 4:21 PM ESTThere is a write up in the Army Times about the same thing involving Service Members that were foreclosed on while they were deployed.
In a release Thursday, Justice said financial institutions JPMorgan Chase, Wells Fargo, Citigroup and Ally Financial — formerly GMAC — will review their foreclosures to determine whether any since Jan. 1, 2006 violated the Servicemembers Civil Relief Act.
If any are found, the lenders must pay service members $116,785 each, in addition to any lost equity and interest.
Here is the article in Army Times.
- 2 votes
#4 - Sat Feb 11, 2012 8:09 PM ESTYou're in Easy Mode. If you prefer, you can use XHTML Mode instead. |
As a new user, you may notice a few temporary content restrictions. Click here for more info.
