mortgage settlement - Articles

JPMorgan to Pay $614 Million in Mortgage Settlement

The Associated Press By Larry Neumeister NEW YORK -- The nation's largest bank, JPMorgan Chase & Co., will pay $614 million and improve mortgage lending practices under a deal announced Tuesday to settle claims it approved thousands of unqualified home mortgage loans for government insurance and refinancing since... Continue Reading »

Why JPMorgan Settlement Could Make It Tougher to Get a Mortgage

The Associated Press By Diana Olick The Justice Department's potential $13 billion settlement with JPMorgan may go a long way toward appeasing consumers' anger at big banks for the financial crisis, but it probably won't help those same consumers get a mortgage. In fact, it may make it harder. "In my eyes, this... Continue Reading »

Homeowners to Get Foreclosure Settlement Payments Starting Friday

By Aruna Viswanatha Borrowers whose homes were in foreclosure in 2009 or 2010 can expect to receive between $300 and $125,000 under settlements reached between top banks and regulators earlier this year. The payments will begin going out on Friday, the Federal Reserve and the Office of the Comptroller of the Currency said... Continue Reading »

Do Banks or Homeowners Win in Mortgage Settlement?

Hundreds of thousands of Americans stand to benefit from the latest mortgage-abuse settlement, but consumer advocates say U.S. banks may be getting the best of the deal. Banks have agreed to pay $8.5 billion to settle charges that they wrongfully foreclosed on millions of homeowners in the wake of the 2008 financial... Continue Reading »

Mortgage Settlement's Next Step: Banks to Pay $8.5 Billion in 'Robo-Signing' Mess

U.S. banks have taken another step to clear away the wreckage of the 2008 financial crisis by agreeing to pay $8.5 billion to settle charges that they wrongfully foreclosed on millions of homeowners. The deal announced Monday could compensate hundreds of thousands of Americans whose homes were seized because of abuses... Continue Reading »

Foreclosure Settlement Money: Are States Using It the Right Way?

About six months after 49 states' attorneys general agreed to a massive settlement with the nation's largest mortgage lenders over their practices in foreclosing on consumers, many of those states haven't put their payouts to proper use. The national mortgage settlement, which totaled $25 billion in all, was supposed to... Continue Reading »

Mortgage Settlement Windfall May Be Diverted in Some States

Homeowners who welcomed the recent "robosigning" settlement while thinking that it might offer them some relief on their "underwater" mortgages may see those funds diverted for other purposes in nearly half of the states involved. The $25 billion settlement over illegal foreclosures that was reached between state... Continue Reading »

Bank of America: Principal Reduction for 200,000 Homeowners

NEW YORK -- Bank of America says it plans to provide mortgage relief to about 200,000 homeowners whose home values have fallen below what they owe on their mortgages. Bank of America would reduce the amount owed by the homeowners by as much as $100,000 in some cases. Only mortgages that are currently owned by Bank of... Continue Reading »

Obama: Mortgage Help Coming for Military, FHA Borrowers

WASHINGTON -- President Barack Obama is aiming mortgage relief at members of the military as well as homeowners with government-insured loans, the administration's latest efforts to address a persistent housing crisis. In his first full news conference of the year Tuesday, Obama was to announce plans to let borrowers... Continue Reading »

Only 5% of Underwater Homes May Qualify for Write-Downs

Only about 1 in 20 underwater homeowners may qualify for principal reduction under states' recent settlement with five big banks, a new study says. A calculation by a Brookings Institution economist narrowed down the pool of underwater homeowners to 500,000 who could qualify for principal reduction from the $25 billion... Continue Reading »

More States Using Mortgage Settlement to Plug Budget Gaps

JEFFERSON CITY, Mo. -- The ink wasn't even dry on a settlement with the nation's top mortgage lenders when Missouri Gov. Jay Nixon laid claim to a chunk of the money to avert a huge budget cut for public colleges and universities. He's not the only politician eyeing the cash for purposes that have nothing to do with... Continue Reading »

Bernanke: Housing Still Hurting Consumer Spending

WASHINGTON -- Ben Bernanke says declines in home prices have forced many Americans to cut back sharply on spending and warns that the trend could continue to weigh on the economy for years. The Federal Reserve chairman drew the connection between home values and consumer spending, which fuels 70 percent of economic... Continue Reading »

How the Foreclosure Settlement Could Affect You

Marking the conclusion of the largest joint state-federal settlement in history, the National Association of Attorneys General announced today that the nation's five largest mortgage servicers -- Bank of America Corporation, JPMorgan Chase & Co., Wells Fargo & Company, Citigroup, Inc., and Ally Financial -- have... Continue Reading »

National Mortgage Settlement Finally Reached

WASHINGTON -- Forty-nine U.S. states have reached a $25 billion deal with the nation's biggest mortgage lenders over foreclosure abuses that occurred after the housing bubble burst. Federal and state officials announced the deal Thursday. It is the biggest settlement involving a single industry since a 1998 multistate... Continue Reading »

Bank of America Plaza to Sell at Foreclosure Auction

In today's post-bubble housing market, it's not uncommon for landmark buildings to fall into foreclosure. But this Atlanta tower is noteworthy for two reasons – it's the tallest skyscraper in the Southeast, and its sale smacks of irony. The Bank of America Plaza, the 55-story skyscraper where BofA still holds... Continue Reading »

Resolution to Offer Strict Guidelines on Mortgage Settlement

WASHINGTON -- Rep. Tammy Baldwin (D-Wis.) is set to introduce a resolution in Congress this week calling on the Obama administration and state attorneys general to ensure that any deal reached with the nation's biggest banks on foreclosure abuses includes full investigations into what happened, awards proper compensation... Continue Reading »

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