The Law Office of Michael E. Ripley

Exceeding Expectations

The foreclosure settlement between the US government and 13 banks will spread $3.6 billion dollars

An article in USA Today (March 1, 2013), a foreclosure settlement between the U.S. Government and 13 banks will spread $3.6 billion dollars in cash among millions of buyers beginning in April, 2013.  There is also $5.7 billion dollars available in mortgage relief, that may favor borrowers with the biggest unpaid loan balances.
For the first settlement, the cash will be split among 4.2 million borrowers who were in foreclosure between 2009 and 2010, and a loan serviced by one of the 13 banks involved.
For the second amount, those same companies expect to meet their $5.7 billion dollar mortgage relief obligation by modifying loans.