Foreclosure settlement a billion-dollar bust

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Foreclosure settlement a billion-dollar bust

Foreclosure settlement a billion-dollar bust

The payouts, meant to close the books on an economic catastrophe that staggered millions of American households, have instead reignited feelings of anger and frustration.


USA TODAY-

Steven and Joan Bailey say they’re two-time victims of a broken foreclosure system.

In 2010, they lost their North Carolina home to a foreclosure they say shouldn’t have happened because they were seeking a loan modification at the time. This year, they eagerly awaited their check from a big bank settlement engineered by the government to compensate millions of borrowers for past foreclosure abuses. They expected at least $6,000 or even the maximum — $125,000.

Their check arrived in April — for $800. Less than a month’s rent on their apartment.

“Another disappointment,” says Steven Bailey, a land surveyor who has become a foreclosure activist in Colorado.

[USA TODAY]

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One Response to “Foreclosure settlement a billion-dollar bust”

  1. Some I know like my son never received one dime from the independent review, after receiving a letter he qualified. BOA/Countrywide mortgage fraud. He is not alone.

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