USA TODAY:The settlement provides $3.6 billion in cash payments to borrowers whose primary homes were in any stage of foreclosure in 2009 or 2010 and whose mortgages were serviced by one of the companies.
The payments will range from $300 to $125,000, depending on how much harm a borrower potentially suffered as a result of actions by the mortgage servicer…
Accepting a payment will not prevent borrowers from taking further legal action… (more)
EDITOR: Help us to understand this. Banks improperly and often without any valid reason took homes (but at least left the children) and now they are going to restitute only $300, perhaps a few thousand dollars, or even $125,000 in the case where the victim perhaps lost several times that in equity?
MSNBC reported last evening that the Controller of the Currency paid $2 billion to the consultants who oversaw the settlement.
Seems like another bank bailout at the expense of Main Street and the little guy / gal.
The only good thing is, if the USA Today report is correct, the possibility of class action suits. But who wants to go up against the banks who can afford to drag legal proceedings out for a decade?
