Who Gets a Share of This $25 Billion?

After many months of negotiation, the largest multi-state settlement since the tobacco settlement of 1998 has been handed down to the 5 largest loan servicers in the country:


Ally/GMAC
Bank of America
Citi
JP Morgan Chase
Wells Fargo
(Links take you to each banks home assistance page)

The settlement is supposed to provide up to $25 billion in relief to distressed borrowers along with direct payments to states and the federal government.  These lenders/servicers are being punished for routinely signing foreclosure related documents without the presence of a notary public and without really knowing whether the facts they contained were correct. Both practices are in violation of federal law.  


The settlement provides benefits to borrowers whose loans are owned by the settling banks as well as to many of the borrowers whose loans they service.


If you have a loan that was funded by or is being serviced by (meaning you make payments to them), visit the following website that was created by the Attorneys General that negotiated the settlement:  http://www.NationalMortgageSettlement.com