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$25 Billion Deal To Help Distressed Greenville NC Home Owners
Five of the nation's largest banks, Bank of America, JPMorgan Chase, Wells Fargo, Citibank, and Ally Financial, have agreed to a $25 billion settlement deal over wrongful, deceptive, or unfair foreclosure practices. Attorney generals in each state are currently reviewing the deal and must approve it before it goes into effect.
The deal, if approved by the states, will attempt to reshape the mortgage industry and will offer at most about $1,800 to each Greenville NC home owner who went into foreclosure; it will also make it easier for current homeowners to reduce the principle of their mortgage or get loan modifications. It will not, however, help those wrongly foreclosed on regain their property, nor will it fully release banks from future criminal lawsuits by individual states. The settlement would apply only to privately held mortgages issued between 2008 and 2011, not those held by government-controlled Fannie Mae or Freddie Mac.
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 Greenville NC homeowners with a mortgage owe more than their home is worth. These so-called "underwater" borrowers currently have little chance of refinancing.
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