Powered By Blogger

Tuesday, July 9, 2013

( Homes Owners foreclosure fraud ) Patcnews: July 9, 2013 The Patriot Conservative News Tea Party Network Reprots Caught on video: foreclosure fraud. © All copyrights reserved By Patcnews







 

Banks to pay out $3.6B for wrongful foreclosures


By The Associated Press
Posted: 11:20 pm Tue, April 9, 2013


From top, Wells Fargo, Citigroup, Bank of America, JPMorgan Chase and other banks reached a settlement with federal agencies to begin to distribute $3.6B in cash to those who were illegally foreclosed on. AP Images
WASHINGTON — The nation’s largest banks will begin sending payments this week to millions of Americans who may have been wrongfully foreclosed on during the housing crisis.
A total of $3.6 billion in cash will be distributed to 4.2 million borrowers, the Federal Reserve and the U.S. Comptroller of the Currency said Tuesday. Payments will range from $300 to $125,000. About 90 percent of borrowers whose mortgages were serviced by 11 of the banks will receive payments by the end of April, the agencies said.
The last group of payments is expected in mid-July.
The banks, which include Bank of America, JPMorgan Chase, Wells Fargo and Citigroup, reached a settlement with the federal agencies in January. They agreed to pay a total $9.3 billion in cash and in reductions of mortgage balances.
The 13 banks settled the regulators’ complaints that they wrongfully foreclosed on borrowers with abuses such as “robo-signing,” or automatically signing off on foreclosures without properly reviewing documents.
The settlement covers foreclosures in 2009 and 2010. It ended an independent review of loan files that the two agencies ordered in 2011.
Banks and consumer advocates had complained that the loan-by-loan reviews were time-consuming and costly and didn’t reach many affected borrowers. Some questioned the independence of the consultants who performed the reviews, who often ruled against borrowers.
Consumer advocates have criticized the deal, saying the regulators settled for too low a price by letting banks avoid full responsibility for wrongful foreclosures.
The other banks in the settlement are HSBC, MetLife Bank, PNC Financial Services, Sovereign, SunTrust, U.S. Bank, Aurora, Morgan Stanley and Goldman Sachs.


Read more: http://nydailyrecord.com/blog/2013/04/09/banks-to-pay-out-3-6b-for-wrongful-foreclosures/#ixzz2YZnSNZ2Q



The Patriot Conservative News Tea Party Network

      liberalism + Socialism = Terrorism 
                      Thanks for your Support

                                

 © All copyrights reserved By Patcnews
     liberalism + Socialism = Terrorism
 
LLC 501C- 4 UCC 1-308.ALL RIGHTS RESERVED WITHOUT PREJUDICE



Content and Programming Copyright 2014 By Patcnews The Patriot Conservative News Tea Party Network © LLC UCC 1-308.ALL RIGHTS RESERVED WITHOUT PREJUDICE All copyrights reserved By Patcnews The Patriot Conservative News Tea Party Network Copyright 2014 CQ-Roll Call, Inc. All materials herein are protected by United States copyright law and may not be reproduced, distributed, transmitted, displayed, published or broadcast without the prior written permission of CQ-Roll Call. You may not alter or remove any trademark, copyright or other notice from copies of the content.  © All Copyrights reserved By Patcnews The Patriot Conservative News Tea Party Network

No comments:

Post a Comment