Foreclosure Abuse Settlement

Filed in Credit Repair, Loans by on February 7, 2012

40 states agree to a foreclosure abuse settlement.

Bank of America, JPMorgan Chase, Wells Fargo, Citigroup and Ally Financial will reduce loans on about a million homes. Holdouts can still sign on. The lower loans will benefit owners who are behind on payments and owe more than homes are worth. The lenders also will send checks, for about $2,000 each, to hundreds of thousands who lost homes to foreclosure.

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