South Carolina will receive $33.8 million as part of the multi-billion-dollar settlement between states, federal agencies and the country's largest mortgage servicers, the S.C. attorney general's office says.
The much-anticipated $25 billion settlement with Bank of America Corp., Wells Fargo & Co., JPMorgan Chase & Co., Citigroup Inc., and Ally Financial Inc. was announced Thursday. It marked the largest federal-state joint settlement history.
North Carolina will receive $338 million in the deal, most of which will go to principal reduction for underwater borrowers in default or at risk of default.
South Carolina did not break down where most of the money the state and its residents will receive will go, but did say that in addition to a $32.8 million general share in the settlement, the state's banking regulator will get $1 million for foreclosure prevention and education.
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7 comments:
It's a joke, Lawyers get rich and it funds more Gov't programs. Fantastic.
Pathetic big bank shakedown by Obama giving away free homes for the bums who refuse to pay their mortgages. Obama proves he is just a racist liberal socialist like Jesse Jackson and Al Sharpton who have extorted billions from hundreds of US corps for decades using the same tactics and run up over 15 trillion in debt with 5 trillion in only 3 years.
And look at the outrageous gas prices going higher. What a worthless empty suit much worse than Bush.
Anonymous #2, you are an idiot. how is Obamas fault that tax values increased on overpriced homes? How is ihis fault that gas increased in NC due to a tax hike. Get your facts right before you speak. -Anonymous #3
Such ignorance. Nobody put a gun to any idiots head and forced them to buy a home after lying for a bank loan and not making payments after whining for ages about redlining. Banks were right to redline poor risk freeloaders.
Redlining is now back because of that and Obama on his way out. The man is a waste of time.
New gas taxes were only 8 cents a gallon yet it has rise 50 cents a gallon and going higher. Where is Mr Obama?
Felicia
So its not a problem for banks to risk their money in the Trade market and get bailed out by the government when there trades went wrong?? But someone that lost a job and had some financial problem let them sink in life, but get the bank all the money they need to starting trading again. WOW... SO BANK CAN GAMBLE MONEY LOSE IT AND GET BAIL OUT MONEY, BUT HARD WORKING PEOPLE CANT GET HELP IN THERE TIME OF NEED!!!
Ignorance. Banks were required by the Fed to take those bailout loans and repaid every penny with billions in interest in short order.
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