Law Suits & Courts

roso signer settlement talks

Posted on Monday, April 4, 2011

> According to a story in the Financial Times, "The five biggest US mortgage servicers
> were told this week at a private meeting with regulators to consider paying delinquent
> borrowers up to $21,000 each as part of a broader settlement of the foreclosure
> crisis...The industry-wide "cash for keys" program would involve the biggest servicers
> paying borrowers as an incentive to leave their homes." "Banks would pay borrowers
> who are more than 90 days behind on mortgage payments up to $1,000 to seek independent
> financial advice and up to $20,000 in cash as a "fresh start" payment towards living
> costs in a new home. They would have to vacate their properties quickly and leave
> them in good condition." Sheila Bair, FDIC chairman, raised the idea but people
> involved said it was not an official government proposal and was rejected strongly
> by some of the banks.

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