US Banks Work to Improve Real Estate Market
Almost a year ago, five of the country’s biggest banks were fined as part of the National Mortgage Settlement. The banks, which include JPMorgan Chase, Bank of America, Wells Fargo, Citi, and Ally Financial, wrongfully foreclosed on millions of home owners, including many Tulsa home owners. In February, it will have been a year since they were handed the record-setting fine, and now, they’re working diligently to clear the backlog of mismanagement and foreclosures around the country.
Recently, the banks agreed to pay another $8.5 million to settle charges and make strides towards the nationwide real estate recovery. The subsequent settlement includes the banks listed above, along with Citigroup, MetLife Bank, PNC Financial Services, Sovereign, SunTrust, U.S. Bank and Aurora. Hundreds of thousands of Americans could potentially be compensated under the new deal, including owners who had their homes taken away because of abuses like “robo-signing.” That’s when banks automatically signed off on foreclosures without properly reviewing documents. This settlement ends an independent review of loan files required under a 2011 action by regulators.
Currently, about 3.8 million Americans are eligible for payments under the deal that was recently announced by the Office of Comptroller of the Currency and the Federal Reserve. Experts say that if a home owner was incorrectly denied a loan modification, they will receive a payment at the low end of the spectrum, while with homes that were unfairly taken and sold will be eligible for the largest dollar amounts.Payments will range from a few hundred dollars up to $125,000.
Thomas Curry, the comptroller of the currency, recently released a statement, saying, “The deal represents a significant change in direction that ensures consumers are the ones who will benefit, and that they will benefit more quickly and in a more direct manner.”
If you are interested in learning more about Tulsa real estate, please reach out to our local team of real estate agents for assistance with your Tulsa home buying needs.