State and Federal authorities recently finalized the $25 billion settlement with banks, and awarded the State of Florida $8 billion in payments and credits from the settlement.
Florida has a guarantee from Wells Fargo, JPMorgan Chase and Bank of America for at least $4 billion in relief from the settlement first unveiled February 9. The guarantee for Florida includes a minimum $3.1 billion to cut principal and modify loans for financially troubled consumers. And it involves at least $309 million in refinancing for borrowers who are current on mortgage payments but stuck in higher-interest loans that exceed home values.
Critics of the proposed settlement say the relief allotted to Florida is disappointing: up to $2,000 for borrowers who lost their homes in foreclosure abuses and an average $20,000 cut in principal on mishandled loans worth more than the value of the homes.
The settlement with the nation’s five largest lenders: Bank of America, JPMorgan Chase, Wells Fargo, Citigroup and Ally Financial require at least $20 billion in help to borrowers by trimming principal and other means.
To read more on this story visit: http://www.orlandosentinel.com/business/fl-foreclosure-settlement-finalized-20120312,0,6790648.story
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