Real estate blog entries tagged with mortgage relief plan 2012 by John Kim (Orange County CA Pre-Foreclosure Processing

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Home : Blogs : John Kim : John's Blog : Tag "mortgage relief plan 2012"

mortgage relief plan 2012: $25+ Billion Mortgage Settlement between the US and the Big 5 Banks - Mortgage Relief Plan - 02/11/12 11:49 PM

This week a $25+ billion settlement was announced, the so called mortgage relief fund, thus being one of the biggest multi-state settlement since the 1998 tobacco agreement. This settlement is between the federal government/state attorneys general and with the banks Bank of America, Wells Fargo, JP Morgan, Citigroup and Ally Financial (formally GMAC).

The $25+ billion settlement goes as following:

$17 billion in credits to the banks on homeowners in risk of defaulting on their mortgage. Up to $20k per homeowner on their modification. (hmmm... it not the average home underwater about $50k?)

$5 billion in cash … (0 comments)

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John Kim

Irvine, CA

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Orange County CA Pre-Foreclosure Processing - Short Sales

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