Sunday, 12 February 2012 12:27
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A final settlement between the nation's five largest mortgage servicers , two federal agencies and 49 of the states' attorneys general (AGs) was announced this morning by officials representing the AGs, the Departments of Justice (DOJ) and Housing and Urban Development (HUD). The settlement, the result of a 16 month nationwide investigation into foreclosure abuses, fraud, and unacceptable mortgage servicing practices is, as anticipated, for $25 billion dollars but there was no information released as to which state was not participating in the action. Bank of America, JPMorgan Chase & Co., Wells Fargo & Company, Citibank, and Ally Financial, (formerly GMAC) and their servicing subsidiaries have agreed to commit a minimum of $17 billion directly to borrowers through a series of relief...()Forward this article via email: to someone you know that may want to read it.
Posted: 2012-02-09 16:51:05