Deal in Foreclosure Case Is Imminent, Officials Say

[alp227]

Source: NYT

A $10 billion settlement to resolve claims of foreclosure abuses by 14 major lenders is expected to be announced as early as Monday, several people with knowledge of the discussions said on Sunday.

The settlement comes after weeks of negotiations between federal regulators and the banks, and covers abuses like flawed paperwork and botched loan modifications, said these people, who spoke on condition of anonymity because the deal had not been made public.

An estimated $3.75 billion of the $10 billion is to be distributed in cash relief to Americans who went through foreclosure in 2009 and 2010, these people said. An additional $6 billion is to be directed toward homeowners in danger of losing their homes after falling behind on their monthly payments.

All 14 banks , including JPMorgan Chase, Bank of America and Citigroup, are expected to sign on.

Read more: http://www.nytimes.com/2013/01/07/business/lenders-said-to-be-near-deal-of-foreclosure-claims.html

[cstanleytech]

1. But will this make those who lost there homes whole? I doubt it.

And will many if any in the banking industry who committed these crimes be brought before a court and tried? Again, I doubt it as it seems more and more when it involves a crime involving a bank they are allowed to walk away where as most of us here would probably be rotting in jail if we committed a crime.

[AtheistCrusader]

4. Probably includes some shelter on liability in the deal.

[cbrer]

2. Too little Too late

This is yet another outrageous example of how our government kowtows to major corporate interests. Even when it means stepping on citizens. This trend will continue as long as we remain under the current system of federal administration. Which considering their grasp on the forces of our society, might be a while...

[AtheistCrusader]

3. Pennies on the dollar, no doubt.