Thursday, January 3, 2013

To the moon

"If $25 billion were stacked in one-dollar bills, would it reach the moon?  More importantly, will that foreclosure settlement reach the borrowers it is intended for?

In 2012, a nationwide lawsuit against five of the largest mortgage servicers (Bank of America, JP Morgan Chase, Wells Fargo, Citigroup, and Ally Financial) resulted in a foreclosure settlement of $25 billion, with $8.4 billion of that as Florida’s share. 

About $300 million of Florida’s share has been in an escrow account since April, and will remain there until after the Joint Legislative Budget Commission meets this month."

Sadly as we know much of this money will never get to homeowners

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