FORECLOSED BORROWERS TO GET SETTLEMENT CASH

By Chelsey Levingston
              

"More than 64,000 Ohioans will receive letters this fall stating they may be eligible for payments of at least $840 from the National Mortgage Settlement.

 

The Ohio Attorney General’s Office and the National Mortgage Settlement Administrator are mailing the letters through Friday to those who lost their homes to foreclosure between 2008 to 2011 through actions by five of the nation’s biggest banks — Ally, Bank of America, Citi, JPMorgan Chase and Wells Fargo.

 

The settlement stems from the so-called robo-signing scandal that erupted in 2010, where these five banks were accused of shoddy mortgage paperwork. The money comes from the $25 billion joint state-federal settlement reached this year with the banks.

 

Ohio’s share of the settlement is $335 million, which includes money to help “underwater” and delinquent homeowners, people who were victims of bad foreclosure practices, and for foreclosure prevention. More than $200 million of that is to go out directly to people “who either lost their home or to people who have been hurt by this or are upside down in their mortgage,” said Ohio Attorney General Mike DeWine.

 

The payments will not make anyone rich or help them get back their house, DeWine said.

 

“This is a little compensation. It’s certainly better than not getting it,” he said. “We encourage people to apply, but it’s not going to make them whole.”

 

Eligible foreclosed borrowers will receive a minimum $840. They could receive more depending on how many people submit claims, said Dan Tierney, spokesman for the attorney general’s office."

 

READ THE REST OF THE ARTICLE HERE

PLAIN DEALER, OCTOBER 10, 2012

DAYTON DAILY NEWS, OCTOBER 11, 2012

PEOPLE WHO BELIEVE THEY'RE ELIGIBLE FOR A PAYMENT AND HAVEN'T RECEIVED A CLAIM FORM, CALL:  866.430.8358

 

 

see related:

"Matt Taibbi & William Black on Bailout Secrets & How New Foreclosure Deal Spares Banks from Justice" .. Democracy Now, January 11, 2013