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Foreclosure-abuse settlement includes Georgia (updated:3:40 p.m.)

Photo by Hugh Osteen

Photo by Hugh Osteen

UPDATE: Georgia and 48 other states have reached a $25 billion deal with major lenders who have agreed to reduce mortgage loans and reimburse customers who became victims of overzealous foreclosures.

The banks involved include Wells Fargo, Bank of America, JPMorgan Chase, Citigroup and Ally Financial.

The deal would mean loan reductions for nearly 1 million U.S. households and $2,000 checks to about 750,000 homeowners who were the victims of improper foreclosures.

Georgia's share of the settlement would be more than $814.7 million. The number of homeowners or former homeowners affected was not immediately available.

Georgia had the fourth highest rate of foreclosure filings in the U.S. last year -- one in every 37 homes, according to RealtyTrac.

Earlier:Federal officials say the five largest mortgage lenders have reached a $25 billion settlement with 49 states over foreclosure abuses that took place after the housing bubble burst. They will have three years to fulfill the terms of the landmark deal announced Thursday.

The deal also ends a separate investigation into Bank of America and Countrywide for inflating appraisals of loans from 2003 through most of 2009.

Bank of America will pay $1 billion to settle that federal probe.

Oklahoma is the lone holdout and will receive no money.

Comments

Black_Falcon 2 years, 6 months ago

If Pookie and Ray-Ray rob a liquor store for $200.00, they are called thugs (and everything else) and sent to prison for 15 years. Banks robbed American citizens of BILLIONS through unfair practices and helped to create the worst economic downturn since the Great Depression. However, instead of prison, these upstanding citizens get off with a slap on the wrist. If the banks settled for 25 Billion, that means they made over 100 Billion in profit. REAL crooks wear suits and ties not sagging jeans and t-shirts.

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gotanyfacts 2 years, 6 months ago

If Pookie and Ray-Ray rob a liquor store for $200, they ARE thugs and should go to prison. Individuals who commited fraud in applying for, or writing up loans commited crimes and should also do the time. Saying "banks" robbed people implies that individuals were not responsible. Pookie and Ray-Ray or no less thugs just because someone in a suite gets away with his crime. That $25 billion should go to determining and prosecuting the individuals who broke laws!

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Sister_Ruby 2 years, 6 months ago

Falcon, your buddies Barney Frank and Christopher Dodd forced banks to loan money to people with no money down for loans they could not afford. THOSE TWO guys belong in jail. And let's not lose this important comment with these dopey UPDATES:

"WASHINGTON — President Barack Obama on Thursday will free 10 states from the strict and sweeping requirements of the No Child Left Behind law...."

Henceforth to be referred to as His Royal Majesty Barack Obama since He is now running the country like a King rather than an elected leader.

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