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Feb-14-2012 14:32TweetFollow @OregonNews
ROBO-SigningPoetry by Luke Easter Salem-News.com
$25 billion deal is largest settlement involving a single industry, since a multi-state tobacco deal in 1998.
(CLEVELAND) - A landmark $25 billion deal was reached Thursday between the U.S. government and the nation's biggest mortgage lenders, over foreclosure abuses that took place after the burst of the housing bubble.
Five of the largest banks had to reduce loans for around a million households in order to meet the deal.
As part of the package, the lenders will mail %2,000 checks to about 750,000 Americans, taxpayers whose properties were foreclosed upon improperly.
Now these institutions will have three years to fulfill their end of this arrangement.
Cleveland.com reports that this is the single largest settlement that involves a single industry, since a tobacco deal in 1998 that involved several U.S. states.
In this settlement, it was announced by both federal and state officials, that 49 states were taking part in the settlement. Oklahoma was the stand out, that state struck its own deal with the five banking institutions.
Jubilant! Well, at first sight or so it seems,
With all the underwater misuse so well known,
Citigroup Inc., BOA. and Wells Fargo to end,
Was the same with Midland Funding, LLC.,
Between both payouts consumers get screwed,
No more affidavits years after the Supreme Court,
Okay, why wait for an election year to get a deal done?
Yes, simply just another case of too little too late,
By Luke Easter
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