Understanding The Mortgage Settlement

Last week’s big mortgage settlement between states, the federal government and America’s five biggest banks was the largest of its kind in history, amounting to some $25 or $26 billion. Unsurprisingly, the question on everybody’s lips now is, who is eligible and how will they benefit?

US Banks Agree Foreclosure Settlement Worth $26 Billion

The US government has just announced a deal with five of the country’s biggest banks that will see homeowners given more than $25 billion as part of a settlement over foreclosure abuses.

Foreclosure Settlement between Banks and Government “Very Close”

As many as one million underwater borrowers deemed to be “at risk” of losing their homes could be set for a reprieve through a reduction on their mortgage principle, following reports that the government and America’s biggest banks have nearly reached a deal on mortgage aid.

Faulty Paperwork Stalls April Foreclosures

The number of foreclosures fell in the last month as activity continued to slow down due to faulty paperwork, a survey said last week. Foreclosure numbers fell to a three-year low, with just 69,532 homes seized by banks in April, which is down 8.6% on the previous month and a third less than the same

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