Tuesday, November 20, 2012

National mortgage settlement benefits some in Massachusetts

The Globe reports today that several thousand Massachusetts homeowners have benefited from the $25 billion settlement entered into between a number of state attorneys general and major national lenders including Bank of America Corp., JPMorgan Chase & Co., Wells Fargo & Co., Citibank, and Ally Financial Inc., owner of GMAC Mortgage.  The misbehavior complained of by the AGs was robosigning by the lenders, that is, the practice of signing someone else's name to mortgage documents.  Those in Massachusetts who benefited from the settlement received an average of $68,000 in loan forgiveness or credits.

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