For eight years in the 1990s, Attorney Charles Ware hosted the extremely popular legal advice radio program "The Lawyer's Mailbox"; the Number One (#1)legal advice radio program in the Mid-Atlantic Region,on WEAA - 88.9 FM, Morgan State University Radio in Baltimore, Maryland.
www.CharlesJeromeWare.com

Friday, February 10, 2012

FORECLOSURE UPDATE: 5 U.S. Banks Settle Government Lawsuit for $25 Billion

Five (5) U.S. bank accused, charged, and sued for abusive mortgage practices have agreed to a $25 billion settlement with the Federal Government.  It is anticipated that the $25 billion settlement will be used to help approximately one million mortgage borrowers, at least a little, for fault foreclosures and their mishandling of requests for loan modifications.

The accused banks who have settled are: (1) Bank of America Corporation, (2) Wells Fargo & Company, (3) JP Morgan Chase & Company, (4) Citigroup, Inc., and (5) Ally Financial, Inc.

Relief from the settlement will be wide, but certainly not deep.  Roughly 750,000 mortgage borrowers who lose their homes to foreclosure between 2008 and 2011 may get about a $2,000 cash payment each.

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