December 7, 2013
More than 300-thousand homeowners have received 26-billion-dollars in relief under the terms of the foreclosure abuse settlement.
The government says five of the country's largest banks... Bank of America, J-PMorgan Chase, Wells Fargo, Citibank and Ally Financial... have modified home loans, reduced interest rates and forgiven debt as part of the settlement.
The deal was reached last February between the banks... 50-attorneys general from 49 states and the District of Columbia ...and the federal government.
It resolved allegations that banks used faulty paperwork to seize homes.
Among the worst abuses... using robo-signers to sign thousands of legal documents in which they attested to facts they had no knowledge of.