Posted by ikando on 2/9/12 2:17pm
Msg #411254

Latest Mortgage news

http://bit.ly/vZqWq3

I need to do a little more research, but I don't see anything about the proposed method to distribute the monies.

Reply by MikeC/TX on 2/9/12 2:42pm
Msg #411262

According to the WSJ, the settlement includes "$5 billion in cash payments, including $1.5 billion to borrowers who were wrongly or illegally foreclosed on between September 2008 and December 2011. Borrowers could receive up to $2,000, depending on the number filing claims."

The rest of it goes to the banks: "$20 billion in "credits" the banks will receive for principal write-downs and other aid to homeowners at risk of default, up to $20,000 per. This tally includes $3 billion for refinancing of mortgages currently under water."

There's a billion unspoken for so far, but my guess is that the banks will end up with most if not all of that as well...

Reply by Sandra Clark on 2/9/12 3:55pm
Msg #411280

Isn't that usually the case? The banks still come out way ahead while the homeowners get slight compensdation for all the headaches and heartaches they've been put thru plus the monetary loss.....