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10 banks to pay $8.5 billion for foreclosure abuse

10 banks to pay $8.5 billion for foreclosure abuse | Your Home | Scoop.it

Ten major banks and mortgage companies agreed Monday to pay $8.5 billion to settle federal complaints that they wrongfully foreclosed on homeowners who should have been allowed to stay in their homes.

 

The banks, which include JPMorgan Chase (JPM), Bank of America (BAC) and Wells Fargo (WFC), will pay billions to homeowners to end a review process of foreclosure files that was required under a 2011 enforcement action. The review was ordered because banks mishandled people's paperwork and skipped required steps in the foreclosure process.

 

Under the new settlement, people who were wrongfully foreclosed on could receive from $1,000 up to $125,000. Failing to offer someone a loan modification would be considered a lighter offense; unfairly seizing and selling a person's home would entitle that person to the biggest payment, according to guidelines released last summer by the Office of the Comptroller of the Currency. Monday's settlement was announced jointly by the OCC and the Federal Reserve.

 

The agreement covers up to 3.8 million people who were in foreclosure in 2009 and 2010. Of those, about 400,000 may be entitled to payments, advocates estimate.

 

Some consumer advocates said that the agreement lets banks off the hook for payments that could have ended up being much higher.

 

"It's another get out of jail free card for the banks," said Diane Thompson, a lawyer with the National Consumer Law Center. "It caps their liability at a total number that's less than they thought they were going to pay going in..."

 

(click pic to continue reading)


Via Billy Corben
Rose Porter's insight:

Look into this if you where wrongfully foreclosed on.

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12 Awesome Home Improvement Apps | iPad.AppStorm

12 Awesome Home Improvement Apps | iPad.AppStorm | Your Home | Scoop.it

"I’ve found a number of quality applications to help out along the way as I work to improve my home. I have a few folders on my iPad dedicated to apps related to home improvement in some way. I’ve got apps to help find inspiration, choose paint colors, furnish my apartment and even DIY dedicated applications. There are a huge variety of home improvement apps out there — stick with me after the jump to read up on some of my favorite apps."


Via John Evans
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Home Improvement Ideas, Photos and Answers

Home Improvement Ideas, Photos and Answers | Your Home | Scoop.it
The best community resource of home improvement on the Internet. Get home improvement ideas, photos and advice from real people and professionals.

Via ManureTea Since 1924
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James L. Givens's comment, September 3, 2013 11:42 PM
If I want to redesign our home ,it's now very easy to get in touch with as well as employ a renovator only in world wide web simply..As well as only wish to have a concept with regards to home rehabilitation I can readily discover in a web site.traditional layout ..
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Until Mortgage Rates Hit 10.5%, Buying a Home Will Still Be Cheaper Than ... - Forbes

Until Mortgage Rates Hit 10.5%, Buying a Home Will Still Be Cheaper Than ... - Forbes | Your Home | Scoop.it
Brisbane Times
Until Mortgage Rates Hit 10.5%, Buying a Home Will Still Be Cheaper Than ...
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10 banks to pay $8.5 billion for foreclosure abuse

10 banks to pay $8.5 billion for foreclosure abuse | Your Home | Scoop.it

Ten major banks and mortgage companies agreed Monday to pay $8.5 billion to settle federal complaints that they wrongfully foreclosed on homeowners who should have been allowed to stay in their homes.

 

The banks, which include JPMorgan Chase (JPM), Bank of America (BAC) and Wells Fargo (WFC), will pay billions to homeowners to end a review process of foreclosure files that was required under a 2011 enforcement action. The review was ordered because banks mishandled people's paperwork and skipped required steps in the foreclosure process.

 

Under the new settlement, people who were wrongfully foreclosed on could receive from $1,000 up to $125,000. Failing to offer someone a loan modification would be considered a lighter offense; unfairly seizing and selling a person's home would entitle that person to the biggest payment, according to guidelines released last summer by the Office of the Comptroller of the Currency. Monday's settlement was announced jointly by the OCC and the Federal Reserve.

 

The agreement covers up to 3.8 million people who were in foreclosure in 2009 and 2010. Of those, about 400,000 may be entitled to payments, advocates estimate.

 

Some consumer advocates said that the agreement lets banks off the hook for payments that could have ended up being much higher.

 

"It's another get out of jail free card for the banks," said Diane Thompson, a lawyer with the National Consumer Law Center. "It caps their liability at a total number that's less than they thought they were going to pay going in..."

 

(click pic to continue reading)


Via Billy Corben
Rose Porter's insight:

Look into this if you where wrongfully foreclosed on.

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Cash is King – In the Housing Market

Cash is King – In the Housing Market | Your Home | Scoop.it

For decades it seemed that 12 to 14 percent of all housing sales were cash transactions involving no loans what-so-ever.  Then along came the housing crash in 2007, and by 2010 investors (those buying a home to rent rather than own) became a significant part of the purchase market.  They were buying homes in many circumstances for almost one-half the cost to build the structure, and the economics of deal was very positive cash flow.


Via Russ Bergeron
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