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Mortgage Settlement

February 13th, 2012 at 01:43 pm

I had a chance to listen to Clark Howard a few nights ago. I'm pretty sure it was Thursday. I don't get a chance to listen to hime very often, because I have to be a bit west of my house for the station that carries his show to come in clearly.

Anyway, he was talking about the settlement between the 5 big motgage holders and 49 states (all but Oklahoma) so, this is my interpretation of his explanaition, from informstion I heard 4 days ago.

Apparently the 5 big mortgage holders that were part of the settlement represent 60% of the home mortgages in the country (no, our morgage holder is not one of them). And they have 12 months to work with their mortgagees.

The banks need to make one of two offers to their mortgaees - either write down their principal balance or allow them to refinance even if their house is underwater. Oh, and they need to supply mortgagees with one point of contact at their bank.

And, I guess the settlement may be expanded to include other banks in the next several weeks.

This settlenment may never include my bank. I'm holding onto the hope that this settlement wil ultimately break the log jam that is the housing market, and after some time our house will sell for something that resembles what we owe. That's my hope anyway.

I'll be taking some time to follow this settlement, and learn more about the specifics.

1 Responses to “Mortgage Settlement”

  1. Campfrugal Says:

    I found the article on that. My mortgage lender is not one of them either.

    http://www.newser.com/article/d9sq57c81/25-billion-settlement-reached-with-5-largest-mortgage-lenders-over-foreclosure-abuses.html

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