Firm Info

Mailing Address:
P.O. Box 2164
Winter Park, Florida 32790

Office Address:
1353 Palmetto Avenue
Suite 100
Winter Park, Florida 32789

Phone:

(407) 628-9081 phone
(407) 628-9085 fax

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BANKS SETTLE WITH GOVERNMENT OVER FORECLOSURE ABUSES

 

BANKS SETTLE WITH GOVERNMENT OVER FORECLOSURE ABUSES

Ally Financial, Bank of America, Citibank, JP Morgan Chase and Wells Fargo agreed to pay a total of $5 billion in cash to try to remedy the fiasco caused by dubious mortgage practices and foreclosure abuses. They will also help homeowners who are underwater on their mortgages by reducing the principal on their loans by a combined $17 billion over the next three years. Borrowers who qualify will get a total of $3 billion in refinancing arrangements. Those who were improperly foreclosed on will get a combined $1.5 billion. That probably nets out to less than $2,000.00 a person.