Saturday, November 12, 2011

Foreclosed Homeowners Could Receive Small Checks Under Big Bank Settlement

Foreclosed Homeowners Could Receive Small Checks Under Big Bank Settlement

Foreclosed borrowers abused by their lenders won't get their homes back, but they could get a little cash from a settlement under negotiation between state officials, the Obama administration, and the nation's biggest banks.

A coalition of attorneys general led by Iowa AG Tom Miller and federal housing chief Shaun Donovan is currently pushing for a $25 billion settlement with Bank of America, JPMorgan Chase, Wells Fargo, Citibank, and Ally Financial (formerly known as GMAC). At issue is bad mortgage servicing and fraudulent foreclosure paperwork.

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