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$25+ Billion Mortgage Settlement between the US and the Big 5 Banks - Mortgage Relief Plan
  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 payments to borrowers who were wrongly or illegally foreclosed on between Sept.2008 to Dec. 2011.  The max payout for the borrower to receive is $2k.  (which is a nominal amount for a person foreclosed on that was forced to sign a loan they should not be in...yes, sarcasm)
 
$3 billion in credits to the borrowers that are currently in need of refinancing or some sort of modification.
 
$1 billion is the plus "+" that is currently unknown???
 
  Now before you all think this is a great idea or win for the little man.  This settlement is ... more

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