Conley
02-09-2012, 10:16 AM
After months of painstaking talks, government authorities and five of the nation’s biggest banks have agreed to a $26 billion settlement that could provide relief to nearly two million current and former American homeowners harmed by the bursting of the housing bubble, state and federal officials said.
It is part of a broad national settlement aimed at halting the housing market’s downward slide and holding the banks accountable for foreclosure abuses.
Under the plan, federal officials said Thursday, about $5 billion will go in cash payments to states and federal authorities, $17 billion will be earmarked for homeowner relief, roughly $3 billion will go for refinancing and a final $1 billion will go to the Federal Housing Administration. If nine other major servicers join the pact, a possibility that is now under discussion with the government, the total package could rise to $30 billion.
http://www.nytimes.com/2012/02/10/business/states-negotiate-26-billion-agreement-for-homeowners.html
This is much ado about nothing. The government expanded the investigation beyond the roboevictions to try to get housing out a slump and failed. 17B for homeowner relief while there is 700B of debt in homes that are 'underwater'. None of the mortgages covered by Fannie and Freddie are included either (50% of all mortgages).
It is part of a broad national settlement aimed at halting the housing market’s downward slide and holding the banks accountable for foreclosure abuses.
Under the plan, federal officials said Thursday, about $5 billion will go in cash payments to states and federal authorities, $17 billion will be earmarked for homeowner relief, roughly $3 billion will go for refinancing and a final $1 billion will go to the Federal Housing Administration. If nine other major servicers join the pact, a possibility that is now under discussion with the government, the total package could rise to $30 billion.
http://www.nytimes.com/2012/02/10/business/states-negotiate-26-billion-agreement-for-homeowners.html
This is much ado about nothing. The government expanded the investigation beyond the roboevictions to try to get housing out a slump and failed. 17B for homeowner relief while there is 700B of debt in homes that are 'underwater'. None of the mortgages covered by Fannie and Freddie are included either (50% of all mortgages).