OCC Says 80% of Homeowners Will Get Under $1,000 in Foreclosure Settlement
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Are you a homeowner that qualified for a federal review of their foreclosure case and are pumped about the potential payout? Cool your heels, it might not be as great as you think.
Data from the Office of the Comptroller of the Currency and Federal Reserve says about eight out of 10 homeowners who qualify for the settlement will get under $1,000. The largest checks of $125,000 will be sent to 1,082 military members who lost homes in lieu of current regulation barring military foreclosures, the OCC noted. Another 53 homeowners will get the largest settlement after losing their homes, but not being in default.
The settlement was made with 13 banks last January. Qualifying banks include Bank of America Corp. (NYSE: BAC), Wells Fargo (NYSE: WFC), J.P. Morgan Chase (NYSE: JPM), and Citigroup Inc. (NYSE: C), among other regional institutions.
Data from the Office of the Comptroller of the Currency and Federal Reserve says about eight out of 10 homeowners who qualify for the settlement will get under $1,000. The largest checks of $125,000 will be sent to 1,082 military members who lost homes in lieu of current regulation barring military foreclosures, the OCC noted. Another 53 homeowners will get the largest settlement after losing their homes, but not being in default.
The settlement was made with 13 banks last January. Qualifying banks include Bank of America Corp. (NYSE: BAC), Wells Fargo (NYSE: WFC), J.P. Morgan Chase (NYSE: JPM), and Citigroup Inc. (NYSE: C), among other regional institutions.
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