States, Banks Reach Foreclosure-Abuse Settlement: Who Benefits?

By: KKTV
By: KKTV

Mortgage lenders reached a $25 billion settlement with 49 states Thursday over foreclosure abuses.

The question many people are now asking: who gets money from that massive settlement?

An estimated 2 million people are expected to receive help from the settlement, although it could take six to nine months to be notified. All eligible people will receive notification through the mail.

People who got their loans through Bank of America, Citi Bank, JPMorgan Chase, Wells Fargo and Ally will be eligible to have the amount of their loan reduced, or receive help with financing. Those who got a government loan through Fannie Mae and Freddie Mac do not qualify.

Even after receiving notice of eligibility, it still could be awhile before seeing any money--lenders have three years to fulfill the terms of the deal

Oklahoma was the loan holdout in the settlement, and will not receive any money.


KKTV firmly believes in freedom of speech for all and we are happy to provide this forum for the community to share opinions and facts. We ask that commenters keep it clean, keep it truthful, stay on topic and be responsible. Comments left here do not necessarily represent the viewpoint of KKTV 11 News.

If you believe that any of the comments on our site are inappropriate or offensive, please tell us by clicking “Report Abuse” and answering the questions that follow. We will review any reported comments promptly.

powered by Disqus
KKTV 520 E. Colorado Colorado Springs, CO 80903 Office: (719) 634-2844 Fax: (719) 632-0808 News Fax: (719) 634-3741
Copyright © 2002-2014 - Designed by Gray Digital Media - Powered by Clickability 138988379 - kktv.com/a?a=138988379
Gray Television, Inc.