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Michigan Joins Foreclosure Settlement
Michigan Attorney General Bill Schuette announced Tuesday that Michigan had joined a settlement against five of the United State’s largest financial institutions for $19 billion to assist homeowners affected by foreclosure proceedings. At least 40 other states are also part of the settlement.
By joining the case against Ally Financial, Bank of America, Citigroup, JP Morgan Chase and Wells Fargo, the State stands to see nearly $500 million. Notably, the Attorney General stated that by entering the settlement, Michigan is not waiving rights to potentially file criminal charges and seek associated penalties against the banks.
In addition to the cash payments the banks will send to those who went through foreclosure from 2008 – 2011, the banks will also provide homeowners who are current with their mortgages, but owe more than their current home values, with a program for refinancing.
posted by PAA Online
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Friday, February 10, 2012
10:29 AM
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