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Has anyone heard from their bank yet RE: The National Mortgage Settlement?
http://www.atg.wa.gov/uploadedFiles/Home/About_the_Office/Cases/National_Mortgage_Settlement/National_Settlement_Executive_Summary.pdfV. Payments to Foreclosure Victims
Approximately $1.5 billion of the settlement funds will be allocated to compensation to borrowers
who were foreclosed on after January 1, 2008. These borrowers will be notified of their right to
file a claim. Borrowers who were not properly offered loss mitigation or who were otherwise
improperly foreclosed on will be eligible for a uniform payment, which will be approximately
$2000 per borrower depending on level of response. Borrowers who receive payments will not
have to release any claims and will be free to seek additional relief in the courts. Borrowers may
also be eligible for a separate restitution process administered by the federal banking regulators.
I'm guessing the TBTF's won't be in any hurry to get this done.
Here's the official site if you haven't seen it yet..
http://www.nationalmortgagesettlement.com/
