According to this morning’s WSJ, banks have reached an agreement over alleged foreclosure abuses (the WSJ’s wording). The settlement is for $25 billion. Details aren’t hammered out but in general, it will…
• Provide $17 billion to borrowers at risk of foreclosure.
• Offer reductions in loan principal and other assistance to qualifying homeowners.
• Includes a provision that will let some homeowners who are current on payments refinance mortgages even though they owe more than their homes are worth.
Oh, and there’s this…
In addition, the deal will provide cash payments to other borrowers who went through foreclosure during the past four years. These people will be eligible to receive around $1,500 to $2,000.
Those of us who were RESPONSIBLE get nothing.