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Monday, March 12, 2012

Mortgage Settlement filed with Court

by Calculated Risk on 3/12/2012 03:16:00 PM

The documents are now available online here.

From the WSJ: Foreclosure-Abuse Settlement Formally Filed

Bank of America has by far the largest share of the settlement, at nearly $2.4 billion in cash payments, plus $7.6 billion of aid to troubled consumers and nearly $950 million in refinancing aid. Bank of America also reached a $1 billion settlement to resolve allegations that Countrywide Financial, which it acquired in 2008, issued loans to borrowers who didn't qualify for mortgage backed by the Federal Housing Administration, the government-run mortgage insurer.

J.P. Morgan is paying the second-largest share, at $1.1 billion in cash, plus $3.7 billion of aid to troubled homeowners and nearly $540 million in refinancing help. Wells Fargo is paying $1 billion in cash, plus $3.4 billion worth of assistance to troubled homeowners and $900 million in refinancing aid.

Citi is paying $413 million in cash, plus $1.4 billion in assistance to homeowners and $378 million in refinancing relief. Ally is making a cash payment of about $110 million, plus $185 million in consumer relief and $15 million in refinancing aid.