Details of Mortgage Servicing Settlement Between Banks and AGs Begin to Emerge - TIME

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Details of Mortgage Servicing Settlement Between Banks and AGs Begin to Emerge – TIME

Details of Mortgage Servicing Settlement Between Banks and AGs Begin to Emerge – TIME

Well, not really because what ever “negotiations” there is, we always know you’re out to help the banks and the not people.

Time-

The never-ending negotiations between the 50 state attorneys general (minus a few big ones) and five major banks over penalties and standards for past, present and future mortgage servicing are finally ending, and some details are beginning to emerge from sources familiar with the deal. The big number is the $25 billion that the banks will commit to three categories of the settlement: $5 billion in cash payments, mostly to the states, $3 billion in refinancing for underwater mortgages, and $17 billion in principal reduction. Here’s the breakdown:

Of the $5 billion, $1.5 billion will go to people who have been foreclosed on and were abused in some way during the process. The claims are nearly instantaneous–”we don’t read anything, it’s check the box,” says one state AG negotiator. But the payments are also small: $1,500 to $2,000. Now, the vast majority of people who lost their homes over the last several years probably would not have been able to make their payments even if the banks had been behaving well. For them a no-questions-asked $2,000 check from the bank for the poor treatment they received in the process may be fair. On the other hand, those who were unfairly evicted may be insulted by the small amount. But no one taking the payment would be giving up any rights to bring cases against the banks for wrongful eviction or other claims they may have. The federal regulator with oversight of the issue, the Office of the Comptroller of the Currency, has sent out 4.5 million forms to potentially wrongfully evicted families; processing those claims will be paid for by the banks.

[TIME]

 

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2 Responses to “Details of Mortgage Servicing Settlement Between Banks and AGs Begin to Emerge – TIME”

  1. PLEASE read this article (http://exm.nr/v8VFLs) and then SIGN the petition (http://wh.gov/D3J) located on the White House’s “WE the PEOPLE” website to stop foreclosures on mortgages made to individual homeowners belonging to the bottom 99%. Also, please help this go viral! It needs 150 signatures to be publicly visible on the site, and 25,000 by January 2, 2012 to be guaranteed a response.

    Stopping foreclosures is not a bailout. It is a consumer protection. It can be structured in the form of a forbearance so people don’t accrue massive fines, legal fees, and credit problems. Payment on existing debt and interest is postponed, extending the life of the mortgage, and resumed once the person is gainfully employed, or once the person decides for himself to sell (rather than having his home stolen by his mortgage holder). No good can come to a society that throws people hit by hard times on the street. This will make it ever more difficult for people and their families to recover, and then they will become a permanent welfare problem.

    Stop foreclosures on mortgages made to individual homeowners belonging to the bottom 99%.

    https://www.facebook.com/OccupyYourHome

  2. Wolfey says:

    I know we all want to be optomistic and hope the “right” thin happens , but short of an all out revolution , w mass destruction , this will not get argued away , were you born last night ? Do you not get how far the corruption goes ? Gimme some of what your smokin , the entire Government is CORRUPT , what do you not get ? these boards , although helpful , are a waste of time

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