$25B deal with banks over deceptive foreclosure practices sent to AGs as settlement nears
WASHINGTON The nations five largest mortgage lenders have agreed to overhaul their industry after deceptive foreclosure practices drove homeowners out of their homes, government officials said Monday.
A draft settlement between the banks and U.S. states has been sent to state officials for review.
Those who lost their homes to foreclosure are unlikely to get their homes back or benefit much financially from the settlement, which could be as high as $25 billion. About 750,000 Americans about half of the households who might be eligible for assistance under the deal will likely receive checks for about $1,800.
But the agreement could reshape long-standing mortgage lending guidelines and make it easier for those at risk of foreclosure to restructure their loans. And roughly 1 million homeowners could see the size of their mortgage reduced.
more:http://www.washingtonpost.com/politics/25b-deal-with-banks-over-deceptive-foreclosure-practices-sent-to-ags-as-settlement-nears/2012/01/23/gIQAJVZ8KQ_story.html
truebrit71
(20,805 posts)I hope the States AG's kick this deal back too...
FreakinDJ
(17,644 posts)An insult to the American Middle Class once again
Not only should execs who engaged in illegal practices be ordered to never work in the finance industry again, but pending foreclosures should be vacated pending review.
SharonAnn
(13,776 posts)"Cost of doing business" is really cheap these days, isn't it?
abelenkpe
(9,933 posts)The banks that engaged in deceptive practices should be put out of business.
mike_c
(36,281 posts)Yeah, there's a difference between Obama and, say, Romney. Romney would have gilded the turd a little brighter before sending it off and crowing about it as, if advance word is true, Obama plans to do in his SOTU address. But it's still a turd, brought to you by the 1 percent and their boot-licks in Washington.
I think you've provided an excellent description of this "agreement". When will this madness stop?
nineteen50
(1,187 posts)regulations are in place and real regulators seated.
cstanleytech
(26,293 posts)official over laws for the banks for the next 25 years also they have to fire any remaining personal who were involved in the crime and they get no golden parachute as well anyone who got said parachutes has to return them or face criminal prosecution.
roguevalley
(40,656 posts)nanabugg
(2,198 posts)Angry Dragon
(36,693 posts)leveymg
(36,418 posts)If not something like this:
Maybe, a gated community like this?
xchrom
(108,903 posts)neverforget
(9,436 posts)get is $1800? I need to become a corporation bank so I can get away with breaking the law and buy justice.
SammyWinstonJack
(44,130 posts)SharonAnn
(13,776 posts)L0oniX
(31,493 posts)NJCher
(35,684 posts)But I gasped and my jaw dropped when I read about the $1800.
All the heartbreak, pain, and misery of a foreclosure--and at the end of the road,....$1800.
doodadem
(1,091 posts)Wonder if this is why I just received a new workout package from Wells Fargo? Of course, they are insisting that I pay back nearly a half $M mortgage, when the property is now only worth about $250K.
EFerrari
(163,986 posts)That is the message. While working people are bankrupted.