Established in 2006 as a Community of Reality

Welcome to the Neno's Place!

Neno's Place Established in 2006 as a Community of Reality


Neno

I can be reached by phone or text 8am-7pm cst 972-768-9772 or, once joining the board I can be reached by a (PM) Private Message.

Join the forum, it's quick and easy

Established in 2006 as a Community of Reality

Welcome to the Neno's Place!

Neno's Place Established in 2006 as a Community of Reality


Neno

I can be reached by phone or text 8am-7pm cst 972-768-9772 or, once joining the board I can be reached by a (PM) Private Message.

Established in 2006 as a Community of Reality

Would you like to react to this message? Create an account in a few clicks or log in to continue.
Established in 2006 as a Community of Reality

Many Topics Including The Oldest Dinar Community. Copyright © 2006-2020


4 posters

Fed to foreclosed borrowers: checks in mail soon

Hkp1
Hkp1
Interacting Investor
Interacting Investor


Posts : 3118
Join date : 2012-12-19

Fed to foreclosed borrowers: checks in mail soon Empty Fed to foreclosed borrowers: checks in mail soon

Post by Hkp1 Thu 11 Apr 2013, 1:45 am

Fed to foreclosed borrowers: checks in mail soon


By Aruna Viswanatha

WASHINGTON | Tue Apr 9, 2013 11:54am EDT

(Reuters)
- Borrowers whose homes were in foreclosure in 2009 or 2010 can expect
to receive between $300 and $125,000 under settlements reached between
top banks and U.S. regulators earlier this year.

The payments,
the majority of which fall in the $300 to $600 range, will begin going
out on Friday, the Federal Reserve and the Office of the Comptroller of
the Currency said on Tuesday.

The agreements with 13 mortgage
servicers, including units of Bank of America Corp (BAC.N), Citigroup
Inc (C.N), JPMorgan Chase & Co (JPM.N), Wells Fargo & Co
(WFC.N), provided $3.6 billion in cash payments to borrowers who were at
any stage of the foreclosure process at the height of the housing
crisis.

Although regulators entered into the settlements in
January, at the time they only provided estimates of what borrowers
might expect to receive.

The settlements were designed to end a
case-by-case review of past foreclosures, since those reviews proved
slow and expensive, with some $2 billion going to consultants who
conducted the reviews before any money had been paid out to eligible
borrowers.

On Tuesday the agencies said 1,082 borrowers who were
active duty members of the military had foreclosures completed on their
homes and would receive $125,000 each. About 50 borrowers who were not
in default but had their homes seized will also receive the top $125,000
payout.

The largest numbers of borrowers, around 3 million, will
receive between $300 and $600, with many of the larger payouts going to
borrowers, who had requested reviews under the case-by-case reviews.

A
total of 4.2 million borrowers are eligible to receive payments, and
checks to 1.4 million of them will be sent out on Friday, regulators
said.

For a full breakdown of the payments, go to: here
http://www.federalreserve.gov/newsevents/press/bcreg/bcreg20130409a1.pdf

The
numbers do not yet include borrowers whose mortgages were serviced by
units of Morgan Stanley (MS.N) or Goldman Sachs (GS.N), and regulators
said they would release those numbers in the near future.

The
payment announcement provides regulators with some good news ahead of a
hearing scheduled on Thursday before a Senate Banking subcommittee,
during which lawmakers are expected to criticize OCC and Fed officials
for what they believe was an opaque and mismanaged review process.

Senator
Elizabeth Warren and Representative Elijah Cummings have pressured the
agencies to turn over more information about how they monitored the
reviews and how consultants came to receive such vast sums.

(Reporting by Aruna Viswanatha; Editing by Lisa Von Ahn and Leslie Gevirtz)



http://www.reuters.com/article/2013/04/09/us-bank-foreclosures-settlement-idUSBRE9380KW20130409
avatar
mazzone62
Getting It Investor
Getting It Investor


Posts : 39
Join date : 2012-12-20
Age : 59
Location : Cambria NY

Fed to foreclosed borrowers: checks in mail soon Empty Re: Fed to foreclosed borrowers: checks in mail soon

Post by mazzone62 Thu 11 Apr 2013, 12:34 pm

What a slap in the face to these homeowners. Yet the consultants get 2 billion, what a joke.
Neno
Neno
Admin
Admin


Posts : 10933
Join date : 2012-12-17
Age : 58
Location : Lone Star State

Fed to foreclosed borrowers: checks in mail soon Empty Re: Fed to foreclosed borrowers: checks in mail soon

Post by Neno Thu 11 Apr 2013, 1:12 pm

@mazzone62 wrote:What a slap in the face to these homeowners. Yet the consultants get 2 billion, what a joke.
Yep it is the system we live in. I am in hope with this quotes that I will get whati s right but, what is right with those only getting 300 to 600 bucks? I been in volved with this for 4 long years: https://nenosplace.forumotion.com/t662-bank-of-america-pays-more-than-10-billion-to-settle-differences-with-real-estate-fannie-mae#9818

The largest numbers of borrowers, around 3 million, will
receive between $300 and $600,
with many of the larger payouts going to
borrowers, who had requested reviews under the case-by-case reviews.
That includes me. I was approached by the OCC during the request I was entering into in 2012
Neno
Neno
Admin
Admin


Posts : 10933
Join date : 2012-12-17
Age : 58
Location : Lone Star State

Fed to foreclosed borrowers: checks in mail soon Empty Re: Fed to foreclosed borrowers: checks in mail soon

Post by Neno Thu 11 Apr 2013, 1:25 pm

This is where I fall I believe, I paid 8 and had the 8th one sent back to me and threatened to foreclose. This is a complete JOKE other than the service men and women or the ones not in default unless, their property was worth more than the 125,000.00. For the rest yesd a SLAP IN THE FACE!!

Servicer failed to convert borrower to permanent modification after three successful payments under a written trial-period plan
In process
461
$6,000
2,436
$3,000
2,897
Rescinded
31
$6,000
91
$3,000
122
Completed
239
$50,000 I requested the the REVIEW in February or March 2012
718
$25,000 Those that didn't
957


Last edited by Neno on Thu 11 Apr 2013, 1:30 pm; edited 1 time in total
elandur
elandur
Getting It Investor
Getting It Investor


Posts : 65
Join date : 2013-01-04

Fed to foreclosed borrowers: checks in mail soon Empty Re: Fed to foreclosed borrowers: checks in mail soon

Post by elandur Thu 11 Apr 2013, 1:29 pm

I am not sure I understand this at all. Could someone who does please explain it to me? Thanks!
Neno
Neno
Admin
Admin


Posts : 10933
Join date : 2012-12-17
Age : 58
Location : Lone Star State

Fed to foreclosed borrowers: checks in mail soon Empty Re: Fed to foreclosed borrowers: checks in mail soon

Post by Neno Thu 11 Apr 2013, 1:31 pm

@elandur wrote:I am not sure I understand this at all.
Let me explain, The banking cartel just got off the hook. They say that this doesn't stop further legal battles but, after this insult, who would continue.
elandur
elandur
Getting It Investor
Getting It Investor


Posts : 65
Join date : 2013-01-04

Fed to foreclosed borrowers: checks in mail soon Empty Re: Fed to foreclosed borrowers: checks in mail soon

Post by elandur Thu 11 Apr 2013, 1:35 pm

@Neno wrote:Let me explain, The banking cartel just got off the hook. They say that this doesn't stop further legal battles but, after this insult, who would continue.

Sorry - still don't get it. My misunderstanding is more fundamental. Article says people whose houses were foreclosed on are getting money. Why? What am I missing here?
Neno
Neno
Admin
Admin


Posts : 10933
Join date : 2012-12-17
Age : 58
Location : Lone Star State

Fed to foreclosed borrowers: checks in mail soon Empty Re: Fed to foreclosed borrowers: checks in mail soon

Post by Neno Thu 11 Apr 2013, 1:40 pm

@elandur wrote:
@Neno wrote:Let me explain, The banking cartel just got off the hook. They say that this doesn't stop further legal battles but, after this insult, who would continue.

Sorry - still don't get it. My misunderstanding is more fundamental. Article says people whose houses were foreclosed on are getting money. Why? What am I missing here?
This is a long four year fight by many, not necessarily did they have to be foreclosed on. Some were lucky enough to fight and stay. It all started as congress placed a 8 billion dollar fine on Bank of America after the MERS situation. This what started the economic downfall in 2009 of our economy. The meanders were breaking rules right and left. People started law suite after law suite until the GOV got involved for many. It is winding down for many but still a slap in the face to rest cause of the decisions to payments. Even tho some that were in foreclosure were actually in it because they just couldn't afford it anymore do to losing ob what ever. But those that were falling the system created still got screwed and this is a what I am calling, I little make up for that. This in a NUT SHELL sort a speak but you can Google MERS or wrongful foreclosure and get all the info needed.


Last edited by Neno on Thu 11 Apr 2013, 1:44 pm; edited 1 time in total
elandur
elandur
Getting It Investor
Getting It Investor


Posts : 65
Join date : 2013-01-04

Fed to foreclosed borrowers: checks in mail soon Empty Re: Fed to foreclosed borrowers: checks in mail soon

Post by elandur Thu 11 Apr 2013, 1:43 pm

@Neno wrote:This is a long four year fight by many, not necessarily did they have to be foreclosed on. Some were lucky enough to fight and stay. It all started as congress placed a 8 billion dollar fine on Bank of America after the MERS situation. This what started the economic downfall in 2009 of our economy. The meanders were breaking rules right and left. People started law suite after law suite until the GOV got involved for many. It is winding down for many but still a slap in the face to rest cause of the decisions to payments. Even tho some that were in foreclosure were actually in it because they just couldn't afford it anymore do to losing ob what ever. But those that were falling the system created still got screwed and this is a what i am calling, I little make up for that.


OK, I think I get it now. I was curious because my oldest daughter's house was foreclosed on around the same time.
Neno
Neno
Admin
Admin


Posts : 10933
Join date : 2012-12-17
Age : 58
Location : Lone Star State

Fed to foreclosed borrowers: checks in mail soon Empty Re: Fed to foreclosed borrowers: checks in mail soon

Post by Neno Thu 11 Apr 2013, 1:44 pm

Then I would click is link:

For a full breakdown of the payments, go to: here
http://www.federalreserve.gov/newsevents/press/bcreg/bcreg20130409a1.pdf


Probably just a undercover stimulus package that covers some cases too.

Stimulus from a fiat non backed fiat currency... :(

Sponsored content


Fed to foreclosed borrowers: checks in mail soon Empty Re: Fed to foreclosed borrowers: checks in mail soon

Post by Sponsored content


    Current date/time is Sat 27 Nov 2021, 7:57 am