WASHINGTON -- Maryland, Virginia, and District of Columbia homeowners will receive more than a billion dollars in the soon-to-be announced settlement between U.S. states and the five banks targeted for deceptive mortgage lending practices.
Maryland Attorney General Douglas Gansler tells WTOP Maryland homeowners will get $959 million, Virginia $479 million and D.C. $45 million when the settlement is announced, perhaps as early as Thursday.
"The behavior of the soulless, heartless national banks directly and significantly contributed to the housing foreclosure crisis in America, and the economic recession that followed," Gansler said.
The five banks involved in the settlement are Bank of America, JPMorgan Chase, Wells Fargo, Citibank and Ally Financial Inc.
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This is another Obama smoke and mirrors farce. Read the terms of the settlement. The 25B is less than what these lenders/banks still owe on their TARP loans....so they are just giving back a portion of what they already owe. Next...in the terms they have earmarked 3B to future refinances to borrowers at 5.25%. 1.5% higher than the going rate on todays free market which will enable them to earn more in return for doing something they already should be doing. I wonder who's laughing louder...the lenders...or Obama thinking that this will win him more votes. The shame of the matter is that the average voter isn't informed enough to see what the truth is.
ReplyDeletegee i wonder who's going to see any of this money? just like when the states sued the tobacco companies. All the smokers saw some of that, right? I guess this is the new way for states to find money pick an industry and sue it!
ReplyDeleteIf I buy a house i can't afford can I get in on this? My house has less value now than what it used to, will this entitle me to some free cash? What will happen to the money that is left over? Lets give a couple bucks to everybody.
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