Five banks accused of faulty foreclosures have had their fiscal hands slapped over faulty foreclosure procedures and poor treatment of homeowners. Bank of America, JP Morgan Chase, Ally Financial, Wells Fargo and Citigroup have to pay in excess of $20 billion according to Bloomberg. State and federal funds to resolve claims and provide relief to borrowers will be paid to resolve problems that occurred as banks treated borrowers poorly during a surge in mortgage defaults.
This agreement will set standards for servicing loans and processing foreclosures and serve as a template for claims against the rest of the industry.
BofA and Chase Banks Accused of Faulty Foreclosures
The Treasury Department said that the two largest, Bank of America and JPMorgan Chase & Co. are not doing enough to help Americans avoid foreclosure and have done a poor job helping people permanently lower their mortgage payments as part of the government’s foreclosure prevention program.
The lenders have rejected people who were eligible for mortgage modifications the Treasury said.
Florida Attorneys Lanigan and Lanigan
Lawyers Eric Lanigan and Roddy Lanigan many years practicing business and civil litigation, securities and investment losses, bankruptcy, foreclosure and mortgage workout (renegotiations/refinances) in Metro Orlando.
If you have to make a decision and want financial insights and options talk with an attorney. Lanigan and Lanigan. Experienced attorneys, aggressive representation with a personal touch.