Update from the Foreclosure-Based Economy 0
Almost 4 million homeowners might receive cash compensation and mortgage relief in a multibillion-dollar settlement with 10 major banks, government regulators announced Monday.
Bank of America, JPMorgan Chase, Wells Fargo and seven other mortgage-servicing firms have agreed to give borrowers $3.3 billion in direct payments and $5.2 billion in loan modifications and other assistance to settle allegations that they wrongly foreclosed on homeowners in 2009 and 2010. The other lenders are Citibank, MetLife Bank, PNC, Sovereign, SunTrust, U.S. Bank and Aurora.
I like that “might.”
Past experience (as opposed to future experience, I guess) indicates that it is more likely to be “might not.”