A national foreclosure settlement of over $25 billion was announced on Thursday by state and federal officials.
The settlement is the largest in our nation’s history, and it is the end of a 16 month battle between lenders and state and federal officials. The settlement will help borrowers by “requiring the banks to reduce the amount borrowers owe on their mortgages, lowering their interest rates and paying restitution to homeowners who suffered mortgage-related abuses.”
All lending firms are now required to give borrowers a single point of contact to avoid being jostled around amongst different lending employees.
U.S. Attorney General Eric Holder stated that the settlement was the country’s latest attempt at “righting the wrongs that led to our nation’s housing-market collapse and economic crisis.”
