mortgage settlement: Mortgage Settlement Program-How Arizona Homeowners Will Benefit
- 02/10/12 10:00 AM
Last night Arizona was awarded $1.6 Billion from a major class action lawsuit settlement involving 5 of the largest banks in America: Wells Fargo, Bank of America, JPMorgan Chase, CITI and GMAC/Ally. They were sued for their involvement in illegal foreclosures and abuse (including ROBO signing) and are now required to shell out damages to the tune of approx $26 Billion. Where will the 1.6 Billion for Arizona end up? $110 Million of the settlement money will go to borrowers who lost their homes to foreclosure in AZ between Jan 1, 2008 and Dec 31, 2011. These borrowers will … (3 comments)
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