Nakednews.com- Tuesday January 8 2013
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Our coverage today begins in the US where ten banks have struck a massive settlement with federal regulators for wrongfully foreclosing on millions of homeowners in the wake of the 2008 financial crisis. While the mortgage-abuse agreement should benefit many citizens nationwide some still feel that the banks may have gotten the better end of the deal. There_s lots to cover so let_s turn things over to Eila Adams with all the details. What_s going on Eila.EA) Vic 8.5 billion dollars - that_s the amount Bank of America JPMorgan Chase Wells Fargo and a handful of other financial institutions will pay to settle charges on a number of mortgage violations. 3.3 billion of that figure will go to homeowners and END reviews of controversial foreclosures. The other 5.2 billion will be put towards mortgage bills and the outstanding principal on home sales. An estimated 400-thousand homeowners will be eligible for restitution payments.And in a separate deal Bank of America has agreed to pay 10.3 billion to US government mortgage agency Fannie Mae. The money is compensation for mortgage-backed investments that went bad during the housing crash. 3.6 billion will go directly to Fannie Mae with Bank of America buying back around 30-thousand loans worth 6.75 billion dollars.EA) Despite the huge sums being paid out Vic consumer advocates aren_t happy about this deal.VS) And why exactly is that Eila? EA) Well if you take the 3.3 billion being paid out directly to home owners and divvy it up it works out to around 865 dollars per person. VS) It_s not exactly a proper reimbursement for losing your home is it? EA) Not at all. On top of that critics call the settlement a get out of jail free card. Rather than having each of the foreclosures looked at individually by investigators they all just get swept away. VS) Like it or not a review that_s been going on for the better part of two years comes to a close. Thanks for the insight Eila.
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Duration : 00:04:18
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