One would think that the intent of the National Mortgage Settlement to help underwater homeowners would have been more effective. It should have operated and functioned to the benefit of the homeowner. But it didn’t!
As it is and reported by the National Mortgage Settlement more than $50 billion dollars has been allocated to distressed homeowners, signing states and the federal governments.
Although many homeowners have not reaped the entire benefits of this settlement, it has helped to relieve the suffering of some homeowners that were severely harmed.
Please continue to read or follow this link to understand the impact of the National Mortgage Settlement to help underwater homeowners:
“In February 2012, 49 state attorneys general, the District of Columbia and the federal government announced a historic joint state-federal settlement with the country’s five largest mortgage servicers:
The government has provided over $50 billion in:
- Relief to distressed borrowers in the states; and
- Direct payments to signing states and the federal government.
It’s the largest consumer financial protection settlement in US history.
The agreement settled state and federal investigations finding that the country’s five largest mortgage servicers routinely signed foreclosure related documents outside the presence of a notary public and without really knowing whether the facts they contained were correct. Both of these practices violate the law.
The settlement provides benefits to borrowers in the signing states whose loans are owned by the settling banks as well as to many of the borrowers whose loans they service. Borrowers from Oklahoma were not eligible for any of the relief directly to homeowners because Oklahoma elected not to join the settlement.” Read More