April 9, 2012
$25B Mortgage Settlement Approved
A federal court has approved a $25 billion mortgage servicing settlement between U.S. and state officials and the nation's five largest mortgage servicers.
The settlement over fraudulent documentation by major financial institutions, which involved 49 state attorneys general, including Massachusetts AG Martha Coakley, is expected to provide help to nearly 2 million homeowners.
In Massachusetts, the agreement will provide about $318 million in assistance for borrowers, including $14.6 million in cash payments, $257 million in mortgage relief and a $44.5 million payment to the state to assist homeowners.
The lenders included in the settlement are Bank of America, Wells Fargo, JP Morgan Chase, City and GMAC/Ally.
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