l*******u
发帖数: 12906 | 1 NEW YORK (CNNMoney) -- The nation's five largest banks have finally struck a
deal with 49 states to settle charges of abusive and negligent foreclosure
practices dating back to 2008.
Under a deal announced Thursday, the banks will commit $26 billion to help
underwater homeowners and compensate those who lost their homes due to
improper foreclosure practices.
PrintComment
Foreclosure Fiasco
What the foreclosure settlement means for you
Foreclosure deal has 40 states, but others balk
Finally, a foreclosure settlement (Maybe)
Foreclosures made up 20% of home sales in 3Q
Foreclosures: America's hardest hit neighborhoods
The banks also agreed to change the way they handle and approve foreclosures
.
A group of state attorneys general claimed that banks lost important
paperwork, cut corners and enlisted robo-signers to attest to facts they had
no knowledge of on hundreds of documents a day.
The settlement has been in the works for more than a year.
What did the mortgage lenders and loan servicers agree to do? The banks and
servicers have committed at least $17 billion to reduce principal for
borrowers who 1) owe far more than their homes are worth 2) are behind on
payments.
The amount of principal reduction will average about $20,000 per borrower.
Another $3 billion will go toward refinancing mortgages for borrowers who
are current on their payments. This will enable them to take advantage of
the historic low interest rates currently available.
The banks will pay $5 billion directly to the states, the only hard money
involved in the deal. Out of that fund will come payments of $1,500 to $2,
000 to homeowners who lost their homes to foreclosure. Other funds will be
paid to legal aid and homeowner advocacy organizations to help individuals
facing foreclosure or experiencing servicer abuses.
Another $1 billion will be paid directly by Bank of America to the Federal
Housing Administration to settle charges that its subsidiary, Countrywide
Financial, defrauded the housing agency.
In addition, the banks agreed to eliminate robo-signing altogether and to
use proper and legal procedures when putting homeowners through the
foreclosure process. They also agreed to end servicer abuses, like harassing
delinquent borrowers for payments, and to include principal reductions more
often in their mortgage modifications programs. (Mortgage deal could bring
billions in relief)
Is my mortgage lender taking part in this settlement? Bank of America (BAC,
Fortune 500), Wells Fargo (WFC, Fortune 500), JPMorgan Chase (JPM, Fortune
500), Citigroup (C, Fortune 500) and Ally Financial (GJM)
are taking part in the settlement.
In addition, nine other unnamed loan servicers may join the settlement later
, and that would bring its value to $30 billion.
Loans owned or backed by Fannie Mae and Freddie Mac, however, are not part
of the deal. (Obama proposes new home loan refinancing program)
The Federal Housing Finance Agency, which oversees the two government-
sponsored mortgage giants, will not allow any balance reductions for loans
insured by the companies under the settlement.
I lost my home to foreclosure; how do I know if I qualify for payment? If
you were foreclosed on in the calendar years 2008 through 2011, you may be
be eligible for a payment of up to $2,000. People who think they may qualify
should notify their bank.
The exact amount of the payments will depend on how many people participate
in this part of the settlement. They will share equally in a pool of $1.5
billion. The U.S. Department of Housing and Urban Development expects about
750,000 former homeowners to take part.
What should I do if I think I may qualify for a principal reduction or
refinanced mortgage? Contact your lender/servicer and ask them to review
your case.
If I take the money, what rights do I give up? Individual borrowers do not
give up any right to sue.
As part of this deal, state attorneys general gave up the right to sue the
mortgage servicers for foreclosure abuses arising out of the robo-signing
scandal. However, they reserve the right to sue if they uncover improper
acts when the loans were originated or when they were securitized.
0:00 / 2:11 Criminal prosecution still an option
When will the new rules and bank policies be put into place? Most of them
have already become part of bank policies.
When will homeowners get paid? HUD said the settlement will be put before a
court for approval within two weeks. It is unknown how long it will then
take for a court to rule.
The relief for homeowners has to be completed within three years, but the
state attorneys general and HUD want it to be front-loaded and completed
within 12 months.
Would I have to pay taxes on the principal reductions or the pay-outs? If
the principal is reduced in 2012, it will not be subject to income tax.
That's because the Mortgage Debt Relief Act of 2007 allows taxpayers to
exclude income from the discharge of debt on their principal residence. The
act is scheduled to expire at the end of this year, however.
So if the act is not extended and the principal reduction occurs in 2013,
borrowers may be on the hook to pay taxes on the settlement amount.
It's not clear whether you would have to pay taxes on the $1,500 to $2,000
payout. The IRS declined to comment on the question.
Which state didn't participate and what does it mean if you live in that
state? Oklahoma was the only holdout of the 50 states. Instead, it announced
its own settlement with the five banks Thursday.
Under its settlement, the banks agreed to pay $18.6 million in damages, part
of which would compensate homeowners who were victims of unlawful and
unfair mortgage practices, according to the Oklahoma attorney general's
office.
Homeowners who believe they may have been wrongly foreclosed upon should
visit the Oklahoma attorney general's website and fill out the paperwork for
processing a claim.
Will the settlement make it harder to get a mortgage? The new rules and
regulations the banks have agreed to under the settlement should have little
impact on future mortgage borrowing since most of practices are already in
place, said Keith Gumbinger of HSH Associates, a mortgage information
provider.
The actual cost to the banks of the settlement should not discourage lending
either. (Housing: The one bailout America really needs)
Only $5 billion of the $26 billion settlement will be a direct cost to the
banks. The remainder will be the cost of modifying mortgages. Many of those
modifications may be in the best interests of the banks to make, however,
since the alternative may be foreclosure, which can cost banks more than
modifications.
Were you foreclosed on? Do you think the banks owe you money? Send your
story and contact information to R*********[email protected] and you could be
featured in an upcoming article on CNNMoney. | l*******u
发帖数: 12906 | 2 说的是银行的。就这么一点点地消化了，银行出点，纳税人出点。
a
foreclosure
【在 l*******u 的大作中提到】
: NEW YORK (CNNMoney) -- The nation's five largest banks have finally struck a
: deal with 49 states to settle charges of abusive and negligent foreclosure
: practices dating back to 2008.
: Under a deal announced Thursday, the banks will commit $26 billion to help
: underwater homeowners and compensate those who lost their homes due to
: improper foreclosure practices.
: PrintComment
: Foreclosure Fiasco
: What the foreclosure settlement means for you
: Foreclosure deal has 40 states, but others balk
| m*********r
发帖数: 109 | 3 好文章
【在 l*******u 的大作中提到】
: 说的是银行的。就这么一点点地消化了，银行出点，纳税人出点。
:
: a
: foreclosure
| S*******n
发帖数: 1721 | 4 关键在于要烂就烂个透，查起来十年八年也查不明白，政府只好做个交易。
和Too Big to Fail是一个道理。古人说的“窃珠者诛，窃国者侯”，也是
一个道理。
a
foreclosure
【在 l*******u 的大作中提到】
: NEW YORK (CNNMoney) -- The nation's five largest banks have finally struck a
: deal with 49 states to settle charges of abusive and negligent foreclosure
: practices dating back to 2008.
: Under a deal announced Thursday, the banks will commit $26 billion to help
: underwater homeowners and compensate those who lost their homes due to
: improper foreclosure practices.
: PrintComment
: Foreclosure Fiasco
: What the foreclosure settlement means for you
: Foreclosure deal has 40 states, but others balk
| l*******u
发帖数: 12906 | 5 债其实就是个计算机里的数字；关键是怎么安抚债权人的问题
【在 S*******n 的大作中提到】
: 关键在于要烂就烂个透，查起来十年八年也查不明白，政府只好做个交易。
: 和Too Big to Fail是一个道理。古人说的“窃珠者诛，窃国者侯”，也是
: 一个道理。
:
: a
: foreclosure
| S*******n
发帖数: 1721 | 6 安抚债权人? 哈哈。
【在 l*******u 的大作中提到】
: 债其实就是个计算机里的数字；关键是怎么安抚债权人的问题
| b*******g
发帖数: 757 | 7 huhu能帮忙看看这个文章么？
Mortgage deal means more foreclosures
http://money.cnn.com/2012/02/10/real_estate/mortgage_settlement
"The bottom line is that 2012 will see a lot of foreclosures that should
have taken place in 2011 and didn't," said Rick Sharga, executive vice
president for Carrington Holdings, a real estate finance firm.
Daren Blomquist, vice president of RealtyTrac, online marketer of foreclosed
properties, agrees that much of last year's 34% drop in foreclosure filings
was likely due to the uncertainty involved in the negotiations. He
estimates that new filings will climb from 1.9 million in 2011 to between 2.
2 million and 2.5 million this year.
我感觉mortgage settlement是来缓解一下foreclose的家庭（补贴2000）和underwater
的家庭（补贴2万-3万）。这样能relief一下情绪，帮助奥巴马的选举。
为什么这个文章说会导致12年更多的foreclosure，破罐子破摔一把，明后年再慢慢恢
复？ | l*******u
发帖数: 12906 | 8 不要的钱不要白不要？穷人就不用节约开支了，继续花钱
说通俗点，希望中寻找绝望
foreclosed
filings
2.
【在 b*******g 的大作中提到】
: huhu能帮忙看看这个文章么？
: Mortgage deal means more foreclosures
: http://money.cnn.com/2012/02/10/real_estate/mortgage_settlement
: "The bottom line is that 2012 will see a lot of foreclosures that should
: have taken place in 2011 and didn't," said Rick Sharga, executive vice
: president for Carrington Holdings, a real estate finance firm.
: Daren Blomquist, vice president of RealtyTrac, online marketer of foreclosed
: properties, agrees that much of last year's 34% drop in foreclosure filings
: was likely due to the uncertainty involved in the negotiations. He
: estimates that new filings will climb from 1.9 million in 2011 to between 2.
|
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