Bank Settlements Nearing Completion

It was just announced that the five banks in the major foreclosure settlement put together last year have nearly completed their agreed upon obligations to pay out money to aggrieved homeowners and former homeowners who were foreclosed upon wrongly. A total of $50.6 Billion has been provided to homeowners and former homeowners by the five banks in last year's settlement: BofA; Chase; Wells Fargo; Citigroup and Ally Financial (former GMAC). This sum has been paid out to more than 621,700 borrowers. In fact, BofA claims it 'may' have actually exceeded its obligations under the agreement and plans to continue its outreach program to homeowners needing this assistance. The above figure is the sum of not only the aforementioned settlement, but also all other types of relief provided to borrowers by the five institutions. BofA has provided $29.2 Bn in relief to 320,000 homeowners; JP Morgan Chase claims that 126,000 customers have received $11 Bn in relief; Wells claims that 93,000 customers have received aid totaling 90% of its obligations. Ally's settlement entity, ResCap, is credited by the Comptroller of the Currency with achieving 100% of its agreed upon goal. As noted previously, if you think you are entitled to relief from the settlement or any related programs, contact the Comptroller or call the paying agent: