Rage brewing nationwide over mortgage deal

TRD New York /
Mar.March 13, 2012 04:30 PM

On the heels of the release of additional details on mortgage abuses from a report by the U.S. Department of Housing and Urban Development, borrowers are expressing full-blown rage regarding the details of the settlement, finalized yesterday, CNN reported.

The one million borrowers who could receive payments from the settlement are barely a fraction of borrowers who are in default, a number of people told CNN, and the $1,500 to $2,000 pay-outs just aren’t enough. Not to speak of those whose homes have already been lost to foreclosure or whose loans are not serviced by the five largest servicers, which are the only lenders affected by the settlement.

“If it’s offered to one group, it should be offered for all,” said Stacy Ovendale, a homeowner in Seattle. “When my mortgage was written up, I had to take whatever program was available to me at the time, which happened to be FHA. … It’s so frustrating because my loan is with Bank of America but since it’s [now serviced by] FHA… there is nothing they can offer me in the way of principal reduction.” [CNN]

 

Related Articles

arrow_forward_ios
Tillary Hotel at 85 Flatbush Avenue (Image via Kutnicki Bernstein Architects)

Isaac Hager’s Downtown Brooklyn hotel heads to foreclosure

Isaac Hager’s Downtown Brooklyn hotel heads to foreclosure
A million homeowners haven’t requested forbearance on their mortgages — and are now at risk for foreclosure and eviction. (iStock)

1M struggling homeowners didn’t request forbearance. Now what?

1M struggling homeowners didn’t request forbearance. Now what?
U.S. foreclosure filings in August jumped 11% as some states ended relief measures, though continued government intervention has prevented sharper increase (iStock)

US foreclosure filings jump as some states end relief measures

US foreclosure filings jump as some states end relief measures
FHFA director Mark Calabria (Getty; iStock)

Fannie and Freddie extend eviction, foreclosure moratorium

Fannie and Freddie extend eviction, foreclosure moratorium
Matthew Kramer, Victor Petrescu, Sebastian Jaramillo and Gov. Ron DeSantis (Getty, iStock) 

Eviction, foreclosure freeze in Florida delaying inevitable flood of cases

Eviction, foreclosure freeze in Florida delaying inevitable flood of cases
Acting US Attorney for Eastern District of New York Seth DuCharme and Bank of America CEO Brian Moynihan (Getty, Twitter, iStock)

Bank of America will pay $300K to settle DOJ mortgage lending discrimination claim

Bank of America will pay $300K to settle DOJ mortgage lending discrimination claim
The threat of eviction hangs heavily above immigrant families who have lost work as a result of the coronavirus pandemic. (Getty)

Eviction bans don’t always protect the most vulnerable

Eviction bans don’t always protect the most vulnerable
Governor Andrew Cuomo and New York Chief Administrative Judge Lawrence Marks (Getty)

New York courts put the kibosh on foreclosures

New York courts put the kibosh on foreclosures
arrow_forward_ios

The Deal's newsletters give you the latest scoops, fresh headlines, marketing data, and things to know within the industry.

Loading...