National mortgage settlement provides roughly $25 billion for borrowers
Feb 15 2012
WASHINGTON – Today, Sen. Tom Carper (D-Del.) highlighted resources for homeowners and borrowers affected by the landmark mortgage settlement reached between the federal government, state attorneys general and major banking institutions. Forty-nine state attorneys general and the federal government recently reached an agreement with the country's five largest loan servicers – Ally/GMAC, Bank of America, Citi, JPMorgan Chase and Wells Fargo – to provide nearly $25 billion in relief for distressed borrowers, states and the federal government.
"As our economy continues to recover from the worst downturn since the Great Depression, we need to do all we can to ensure our housing sector rebounds as well," said Sen. Carper. "Part of this recovery is helping people stay in their homes, and the resources provided below on the recent national mortgage settlement will assist homeowners and borrowers as they seek much-needed relief."
About the Settlement: Learn about the settlement, who is affected and what claims may still be pursued against the banks. Find links to your state Attorney General's Office to find state-specific information and contacts.
Help for Borrowers: Learn how to find out if your loan is affected by this settlement, the timeline for relief, how you will know if you are eligible. Find links to your state Attorney General's Office to find state-specific information and contacts.
Frequently Asked Questions: Questions and answers on the mortgage settlement provided by Delaware's Attorney General Beau Biden.