The check is in the mail?

[sad sally]

"Checks of roughly $1,800 will be mailed to roughly 750,000 homeowners who were affected by wrongful foreclosure practices." (for people who've been treated roughly?)

Does anyone else think it might be a messy process finding and/or establishing if these 750,000 homeowners are eligible for this $1,800? There's a list of situations about who/why a homeowner may have been financially injured by foreclosure actions, which may or may not be the determining factor?

Maybe we just trust that the banking system and/or uncle sam has kept track of who and where they are, and that the overhead of administering this distribution won't suck up a good portion?

And doesn't uncle pretty much only deal in direct deposit these days?

Just strikes me as a "oh yeah, and here's a bone for all you little people who maybe got screwed by the banks; we've spanked them - roughly - and they promise they won't do it again."

[cliffordu]

1. Can you at least point us to wtf you are talking about, and

hand out a couple of links???

[sad sally]

2. Part of the scolding the mortage lenders are getting - on the news today.

WASHINGTON (AP) - The nation's five largest mortgage lenders have agreed to overhaul their industry after deceptive foreclosure practices drove homeowners out of their homes, government officials said Monday.

A draft settlement between the banks and U.S. states has been sent to state officials for review.

Those who lost their homes to foreclosure are unlikely to get their homes back or benefit much financially from the settlement, which could be as high as $25 billion. About 750,000 Americans - about half of the households who might be eligible for assistance under the deal - will likely receive checks for about $1,800.

http://www.komonews.com/news/national/25-billion-mortgage-deal-goes-to-states-137896993.html?du

another source:

The five largest U.S. mortgage lenders have agreed to a $25 billion settlement over foreclosure practices, but with scant details, consumer advocates in Georgia say they have concerns about its effectiveness.

The five banks— Bank of America, JPMorgan Chase, Wells Fargo, Citibank and Ally Financial, all major mortgage lenders in Georgia — and the state attorneys general could adopt the agreement within weeks, the Associated Press reported Monday, citing unnamed government officials briefed on the discussions.

The agreement could change mortgage lending guidelines and make it easier for those at risk of foreclosure to restructure loans. About 1 million homeowners could see the size of their mortgages reduced.

Those who lost homes to foreclosure are unlikely to get homes back or benefit much financially from the settlement. About 750,000 Americans affected by deceptive practices will likely receive checks for about $1,800, the AP reported.

http://www.ajc.com/business/25-billion-mortgage-settlement-1314190.html?du

[cliffordu]

4. Thank you !!

[SharonAnn]

3. Banks paid $144 billion in bonuses and only pay $1,800 per victim ($25 billion total) for fraud?

Guess they're right.

The best way to rob a bank is to own one.

This is an outrageous settlement. Those who were victimized should be paid a lot more AND their should be significant punitive damages.

Or, put the banking corporations in jail. All of the directors and management!

[sad sally]

5. Question that's unclear is how many of these people can be located to get their

tiny share? Do they still have a mailing address? Are they living in a shelter, with relatives, in their cars? Foreclosures forced a considerable number of former homeowners into being homeless.

from the ajc article:

As part of the deal, about 1 million homeowners could also get the principal amount of their mortgages written down by an average of $20,000. One in four homeowners with a mortgage — or roughly 11 million people — owe more than their home is worth. These so-called "underwater" borrowers have little chance at refinancing.

“If the goal is to provide real relief for homeowners or real compensation for those who have lost their homes, this has not accomplished that goal,” said Karen Brown, director of the Home Defense Program of Atlanta Legal Aid Society.

Atlanta Legal Aid deals with many distressed homeowners whose houses are far more than $20,000 underwater, Brown said.