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 Colorado has joined the $25 billion
multistate settlement with the five largest banks - Bank of America, JPMorgan Chase, Wells
Fargo, Citi and Ally. Colorado will
receive $204.6 million worth of relief to homeowners, according to a statement
released by the Colorado Attorney General, John Suthers.
The "relief" will be in the form of
refinancing benefits to underwater borrowers, payments to homeowners who lost their homes
(between January 1, 2008 and December 31, 2011), money for principal reductions
on loans and cash to the state.
New foreclosure filings have increased
in January and will be moving along more quickly this year. The $26 Billion
foreclosure settlement by the state attorneys general ensures that banks process
foreclosures more openly and uniformly than in the past.
"One in every 624 U.S.
households (nearly 211,000 in total) got
hit with some sort of foreclosure filing in January." according to CNN
Money. "The number of homes hit with a notice of
default, auction sale, bank repossession or some other foreclosure filing in
January rose 3% since December, but it was still significantly lower than it
was a year ago."
"This agreement
delivers real help to homeowners affected by the banks' dual tracking and
other improper mortgage- and foreclosure-related processes," Suthers said. "As
a result of this settlement, the banks will end a series of problematic
processes that put homeowners at a severe disadvantage during the foreclosure
process. This settlement will not solve every problem with the housing market,
but it goes a long way to helping homeowners in distress now and leveling the
playing field for consumers."
"This settlement will not solve every problem
with the housing market," said Suthers, "but it goes a long way to helping
homeowners in distress now and leveling the playing field for consumers."
Read the Colorado
Attorney General's report.
Posted on February 21, 2012 10:17:40 by  Scott.Shields
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