Government, banks file $25 billion foreclosure settlement in federal court

TRD MIAMI /
Mar.March 13, 2012 09:00 AM

The $25 billion foreclosure settlement was formally filed in U.S. District Court in Washington D.C. today, the Wall Street Journal reported.

The settlement, between the government and five major mortgage companies — Ally Financial, Bank of America, Citigroup, JPMorgan Chase and Wells Fargo — empowers Joseph Smith, formerly a financial regulator in North Carolina, to monitor banks’ compliance with the 42-page set of standards it creates. Smith will also have the power to levy fines against banks that do not comply with the new standards, the Journal said.

The intricate requirements set out in the agreement mean that about 500,000 borrowers, or 5 percent of American homeowners who are underwater, may be eligible for help under the deal, according to estimates from Ted Gayer, co-director at the Brookings Institution, a Washington, D.C.-based public policy think tank. [WSJ]

 

Related Articles

arrow_forward_ios
4238-4276 Northwest 7th Street in Miami, Avison Young’s Michael Fay, John Crotty, David Duckworth, Brian de la Fé, Emily Brais and Berkley Bloodworth

Mixed-use Le Jeune Road dev site heads to market for $17M

Mixed-use Le Jeune Road dev site heads to market for $17M
Vlad Doronin, Len Blavatnik, and 3425 Collins Avenue (Credit: Google Maps, Gesi Schilling, and Mark Neyman / GPO)

Developer of Aman-branded towers in Miami Beach scores $35M loan

Developer of Aman-branded towers in Miami Beach scores $35M loan
Rendering of 57 Ocean and Marcelo Kingston (Credit: DBOX)

57 Ocean in Miami Beach scores $59M construction loan

57 Ocean in Miami Beach scores $59M construction loan
JPMorgan Chase CEO Jamie Dimon (Credit: Win McNamee/Getty Images, Google Maps, iStock)

JPMorgan Chase buys own branch in West Palm

JPMorgan Chase buys own branch in West Palm
South Florida lenders and landlords battle new coronavirus reality

South Florida lenders and landlords battle new coronavirus reality

South Florida lenders and landlords battle new coronavirus reality
Moishe Mana and 25 West Flagler Street

Moishe Mana buys City National Bank building in downtown Miami

Moishe Mana buys City National Bank building in downtown Miami
Brickell Flatiron and Ugo Colombo

Ugo Colombo pays off $236M construction loan for Brickell Flatiron

Ugo Colombo pays off $236M construction loan for Brickell Flatiron
Rendering of Sailboat Bend II

Affordable housing project in downtown Fort Lauderdale lands $27M loan

Affordable housing project in downtown Fort Lauderdale lands $27M loan
arrow_forward_ios

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

Loading...