Five Largest Mortgage Banks Reach $25 Billion Settlement

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Foreclosures ran rampant throughout the country

Last Thursday, the federal government and 49 state attorneys general announced that they have come to an agreement with five large mortgage providers over allegations concerning illegal business practices.  The five banks (Ally/GMAC, Bank of America, Citi, JPMorgan Chase, and Wells Fargo) were accused of a lack of due diligence when creating and signing documents related to foreclosures.  The $25 billion settlement, which guarantees that the case will not go to court, is the largest multistate settlement since the 1998 tobacco industry case.  All states except Oklahoma participated.

It is important to note that, though this marks a major victory for those affected by the mortgage crisis, some individual claims may still be eligible to made against the companies.  To find out how you or your home mortgage can benefit from this settlement, visit the settlement’s web page.

3 thoughts on “Five Largest Mortgage Banks Reach $25 Billion Settlement

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