Remember when the feds and the Attorneys General of the various states announced the settlement of claims arising from the robo-signing scandal? Remember how they promised that $26 billion dollars would go to help victim of foreclosure fraud?
Will you be surprised to learn it didn’t exactly happen that way? Me neither. A new report from the monitor charges with overseeing the settlement tells that the bulk of the money has been credited toward
…outlays approving short sales and forgiving home-equity loans, earning credit for debts they were unlikely to collect or sales that would have happened anyway…
How much actually helps keep Floridians in their homes? Not much at all:
Only about 15 percent of the money has gone toward principal reductions or refinancings that would keep Floridians in their homes, the report states.
Here’s the news article with the details: Banks find way to benefit from robo-signing scandal