Everything You Need To Know About Mortgages

Court approves $26 billion foreclosure settlement (KSAT)

A federal judge approved the $26 billion settlement deal reached between the
nation’s five largest mortgage lenders and the attorneys general of 49 states
and the District of Columbia over foreclosure processing abuses.

Judge Rosemary Collyer in the U.S. District Court for the District of Columbia
approved consent judgments with Bank of America, Citibank, JPMorgan Chase,
Wells Fargo, and Ally Financial (the former GMAC) late Thursday.

The approval clears the way for the banks to compensate homeowners who may
have been impacted by the so-called robo-signing scandal, in which bank
employees signed hundreds of documents a day attesting to facts that they had
little or no knowledge of.

Under the settlement, the banks committed at least $17 billion toward
modifying mortgages for delinquent borrowers. The modifications will include
large principal reductions of as much as $100,000 or more for roughly one
million homeowners who are underwater on their mortgages and behind on
payments.

Another $3.7 billion will go toward refinancing mortgages for borrowers who
are current on their payments. This is supposed to help some 750,000 borrowers
take advantage of historic low interest rates.

The banks will also pay $5 billion in fines to the states and the …

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