Tag Archives: Major mortgage lenders settle up

Major mortgage lenders settle up

Since the real estate bubble burst a few years ago, many homeowners have lost their properties to foreclosure. Recently, federal and state officials announced that the federal government and every state except Oklahoma have reached a $25 billion agreement with five of the largest mortgage lenders in connecting with loan servicing and foreclosure abuse. The investigation and negotiation process took 16 months to complete and emerged as the largest joint federal-state settlement in history. The agreement included Bank of America, JPMorgan Chase, Wells Fargo, Citigroup, and Ally Financial, which was previously known as GMAC. These lenders agreed to provide financial …

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