More Assistance for WI Home Owners on the Way: BOA Talking Settlements Apply Now

  • News More Assistance for WI Home Owners on the Way: BOA Talking Settlements

loan-mortgage-loans-low-rate-low-fee Loans Madison WI St Louis MO Denver CO Hannibal MO Online Loan Applications

Home » News » Market Conditions | WI Home Owners: B Of A Settlements | ‪(970) 585-4546 | Refinance  |   | Tools | | Contact 

Mortgage Loans CO - Estes Park, Denver | Mortgage Loan WI - Madison, Milwaukee | Mortgage Loans MO - Hannibal, O'Fallon

Apply Now              Buy a Home              Refinance


More Assistance for WI Home Owners on the Way: BOA Talking Settlements

Market Conditions  \  July 22, 2014 10:00 am

More Assistance for WI Home Owners on the Way: BOA Talking Settlements

Just one day after the big bank Citigroup announced their $7 billion settlement with the US Justice Department for selling bad mortgage-backed securities, Bank of America comes out with a settlement offer.

Bank of America has offered a $12 billion dollar settlement in negotiations with the US Justice Dept. However, it is said that the Justice Department is looking for many more billions.

Bank of America is the nations second largest bank. They, like many other big banks in the US, are facing numerous lawsuits and investigations by the Justice Department. These investigations were ignited due to the shady lending practices used to sell mortgage-backed securities to thousands of home buyers in America.

These mortgages eventually fell through and thousands of people lost their homes. Many of the big banks are charged with knowingly selling these securities and this makes them in part responsible for the horrific economic crash of 2008.

Many homeowners either lost their homes, struggled to fight foreclosure or are STILL struggling financially due to the carelessness and greed.

A majority of the home owners that ended up losing their homes over the debacle had to obtain rental properties because their credit histories were tarnished as well. The utter destruction that occurred for people in the housing market was one of the worst falls in our history.

In 2012, under the Obama Administration and new Act passed by congress, FIRREA (Financial Institutions Reform, Recovery and Enforcement Act) a special task force was created called ‘The Financial Fraud Enforcement Task Forces RMBS Working Group’. RMBS stands for residential mortgage-backed securities. These mortgage backed securities are what were knowingly sold to thousand and thousands of people causing the housing market crash of 2008.

Big banks such as Citigroup, Bank of America, JP Morgan Chase, and others have all been or are currently being investigated for selling these crap securities. As a result, the american economy started a horrible downward spiral that placed our economy in an economic recession. Thankfully, we have climbed our way back to recovering, but the damage that was done resulting in numerous families losing their homes, has not been completely resolved.

It is hard to say that such a loss CAN be resolved, but our nations leaders have implemented special task forces to hold the financial institutions accountable for their actions to the american people. This is in hopes that some form of restitution or assistance is offered for those that suffered a loss.

These settlement negotiations are one of the ways that the Justice Department is attempting to secure some kind of justice for the home owners. In these settlements, assistance for underwater homeowners, distressed borrowers and the communities that were affected are secured in a variety of ways. Loan forgiveness, interest rate reductions, financing for affordable rental housing, and other financial stress reliefs are sought.

So far, the Financial Fraud Enforcement Task Force, has recovered $20 billion so far for consumers and investors in the US. Investigations will continue with several other banking companies. 

For more information on getting your family back in a home you can call your own, Contact Us about your options. We are here to help!

fha-loan-purchase-a-new-home-get-approved-home-buying-couples Missouri Wisconsin Illinois Missouri ColoradoMortgage Lending Real Estate Knowledge Base

Questions about buying or selling your existing home?  

Categories:  All | Choose a REALTOR | Working with a REALTOR | Buying | Selling Financial | Homeowners

 «  1 | 2 | 3 | 4 | 5   » 

Mortgage and Real Estate News Categories

Buyers |  | Market Conditions |  |  | Mortgages |  |  | Purchase |  |  | Realtor |  |  | Refinance

Home Financing Archive

August 2013 | September 2013 | October 2013 | November 2013 | December 2013 | January 2014 | February 2014 | July 2014 | August 2014 | September 2014 | October 2014 | November 2014 | December 2014 | January 2015 | February 2015 | March 2015 | April 3015 | May 2015 | June 2015 | July 2015 | August 2015 | September 2015 | October 2015 | November 2015 | December 2015  |  January 2016 | February 2016 | March 2016  


Real Estate Lending Options

Home Borrower Tools

How Much Can I Borrow? | Mortgage Calculator | Mortgage Rates | Forms

About Lendem Financial

Company | Senior Loan Originators 

Home Purchase Loans in Madison and Milwaukee WI  

Mortgage Loans Springfield, Hannibal, St. Louis, MO

Purchase Real Estate Loans Denver, Boulder, CO

Google Maps: Mortgage Loans Madison WI | O'Fallon MO | Denver CO

Facebook: Mortgage Wisconsin | Mortgage Missouri | Mortgage Colorado

Apply Now              Buy a Home              Refinance

  ‪(970) 585-4546

VA Home LoansFHA  and USDA Home Loans  in ColoradoIllinoisMissouri  and Wisconsin
TMortgage Loans Colorado Madison WI, Denver CO, St Louis MO | ‪(970) 585-4546 | Mortgage Calculator Options with Loan Quotes. Get Started Now With LF Loans Mortgage! Lock Your Rate - Calculate Payments - Compare Loans - Skip the Bank - Types: FHA Loans, HARP, VA Loans, ARM | Boulder, Ft Collins, Aspen, Pagosa Springs, Colorado Springs, Pueblo, Golden, Grand Junction, Steamboat Springs, Denver CO, Hannibal, Springfield, Troy, O'Fallon, St Louis MO, Chicago, Quincy IL | Home Loans in Armenia WI, Baraboo WI, Beaver Dam WI, Beloit WI, Brooklyn WI, Columbus WI, Deforest WI, Dell Prairie WI, Dodgeville WI, Edgerton WI, Fitchburg WI, Fort Atkinson WI, Germantown WI, Green Bay WI, Green Lake WI, Janesville WI, Lacrosse WI, La Valle WI, Lake Delton WI, Lake Mills WI, Lodi WI, Madison WI, Mauston WI, Mazomanie WI, Merrimac WI, Middleton WI, Milton WI, Milwaukee WI Monroe WI, Montello WI, Mount Horeb WI, Necedah WI, Oregon WI, Platteville WI, Portage WI, Prairie Du Chien WI, Princeton WI, Reedsburg WI, Ripon WI, Rome WI, Spring Green WI, Stoughton WI, Sun Prairie WI, Tomah WI, Verona WI, Watertown WI, Waunakee WI, Windsor WI

Questions about Lendem Financial mortgage loan options? Why you should think about using a mortgage broker vs a bank? Using a Mortgage Loan Officer that has access to all sources of lending institutiuons helps people get the best loan for their situation and offers all options on the market vs the programs at one bank. Call Todd Rubick of Lendem Financial and tell him why the bank said no... If your tax returns do not show your true income, or credit is less than perfect... Full service all source lending strategies will be offered for those that need them.