Home mortgage lending abuses and "robo-signing" of foreclosure papers have led to one of the largest settlements ever -- amounting to $25 billion in relief. The settlement with the five largest loan services will be used in a variety of complicated ways to help distressed borrowers, states and the federal government, according to the plan.
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Post a CommentMeans nothing. Even is
Means nothing. Even is someone receives $2000 in cash, they will not see it for 3 years. Not much good for today. Since the housing crisis is such a mess, if the Govt. wants to get things going, forgive the amount owned on homes, that's over what they are worth. Then people will owe what there worth, and can sell, move. Where-as now, they are stuck in their homes. I know this sounds crazy, but the banks deserve it for the stunts they pulled. This will get the home market going again, reset the playing field. Part 2 is for business's to give out much needed pay raises, and I mean significant ones. Most people have not seen a raise in years. If they get little raises like 3%, they will just save the money, not spend it in the economy. If they get good raises, they will save some,and spend some on much needed items and projects they have been putting off.