Maryland will receive $33 million from a nearly $1 billion joint state-federal settlement reached with SunTrust Mortgage Inc. over past problems with its mortgage servicing and foreclosure procedures, the Maryland Attorney General's office announced Tuesday.
The money is supposed to provide funding for loan modifications and other forms of relief over a three-year period. The state also expects about 1,200 Maryland borrowers to be eligible to apply for a one-time payment from a $40 million national fund. The fund is for borrowers whose loans were serviced by SunTrust and lost their homes to foreclosure between 2008 and 2013.
Maryland is due to receive the third largest amount of money of any state from the $968 million agreement, which involves 49 states and Washington, D.C., as well as three federal agencies, said a spokesman for the attorney general. The agreement includes a $418 million fine to resolve "potential liability" for originating and underwriting federally-insured loans that did not meet Federal Housing Administration requirements, as well as failing to identify and report "defective" loans to the government.
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4 comments:
Will the great mayor steal funds to build more low income hosing for his voters ??? And will rick pockets fill his CC account up.
So the money does'nt go to help the people who were screwed just into the pot for lawmakers to squander.
and what exactly happens to that money? goes to the schools for the children, no doubt!
6:23, alas you are correct!
Some settlement - you loose your home and you get $40.
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