Foreclosure Settlements on the Way
According to insiders, it is likely that another round of mortgage foreclosure settlements
is on the way. It was recently reported that JP Morgan Chase is close to reaching a
settlement with the Federal Government related...
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Foreclosure Settlements on the Way
According to insiders, it is likely that another round of mortgage foreclosure settlements
is on the way. It was recently reported that JP Morgan Chase is close to reaching a
settlement with the Federal Government related to mortgages Chase originated and
then sold to mortgage giants, Fannie Mae and Freddie Mac. The settlement is slated to
be signed as early as October 1, 2013.
Authorities report that the settlement is in the $11 Billion range and is comprised of $7
Billion in cash and another $4 Billion in programs to aid homeowners. This settlement is
the latest in a string of settlements arising out of the mortgage foreclosure crisis that hit
the County as a result of lending practices during the real estate “boom” of 2003-2007.
Thousands of homeowners have benefitted from mortgage settlements over the past
several years. The $4 Billion that is allegedly set aside to aid consumers as part of this
anticipated settlement could mean relief is on the w
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