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Indiana to be included in national robo-signing settlement

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Indiana Attorney General Greg Zoeller announced Thursday that Indiana would be one of 49 states benefitting from the federal government's settlement with five major mortgage lending banks and servicing institutions.

The state’s share of the settlement with Ally, Bank of America, Citi, JPMorgan Chase and Wells Fargo will be about $145 million. The settlement agreement stems from the banks' foreclosure abuses and fraud as well as unacceptable nationwide mortgage servicing practices.

Zoeller said the settlement will result in reduced loan balances to benefit homeowners who are behind on their payments and who are "underwater" or owe more than their homes are worth.

Indiana's borrowers will receive an estimated $30 million in benefits from loan term modifications and other direct relief. As many as 13,000 Indiana borrowers who lost their home to foreclosure from Jan. 1, 2008, through Dec. 31, 2011, and suffered servicing abuse could qualify for about $26.3 million in cash payments. The AG’s office will receive a direct payment of about $45 million to help fund consumer protection, state foreclosure prevention efforts and related programs. The Department of Financial Institutions will receive an estimated $1 million.

The value of refinanced loans to Indiana's underwater borrowers would be an estimated $43 million.

"This national settlement offers immediate help to many people in Indiana and also allows an opportunity for the national housing market to recover from the crisis of 2008, hopefully sooner rather than later," Zoeller said.

The final agreement, through a consent judgment, will be filed in United States District Court in Washington, D.C., and will have the authority of a court order.

Because of the complexity of the mortgage market and this agreement, which will span a three-year period, in some cases participating mortgage servicers will contact borrowers directly regarding loan modification options. However, borrowers are advised to contact their mortgage servicers to obtain more information about specific loan modification programs and whether they qualify under terms of this settlement.
 

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  1. My daughters' kids was removed from the home in March 2015, she has been in total compliance with the requirements of cps, she is going to court on the 4th of August. Cps had called the first team meeting last Monday to inform her that she was not in compliance, by not attending home based therapy, which is done normally with the children in the home, and now they are recommending her to have a psych evaluation, and they are also recommending that the children not be returned to the home. This is all bull hockey. In this so called team meeting which I did attend for the best interest of my child and grandbabies, I learned that no matter how much she does that cps is not trying to return the children and the concerns my daughter has is not important to cps, they only told her that she is to do as they say and not to resist or her rights will be terminated. I cant not believe the way Cps treats people knowing if they threaten you with loosing your kids you will do anything to get them back. My daughter is drug free she has never put her hands on any of her children she does not scream at her babies at all, but she is only allowed to see her kids 6 hours a week and someone has to supervise. Lets all tske a stand against the child protection services. THEY CAN NO LONGER TAKE CHILDREN FROM THERE PARENTS.

  2. Planned Parenthood has the government so trained . . .

  3. In a related story, an undercover video team released this footage of the government's search of the Planned Parenthood facilities. https://www.youtube.com/watch?v=ZXVN7QJ8m88

  4. Here is an excellent movie for those wanting some historical context, as well as encouragement to stand against dominant political forces and knaves who carry the staves of governance to enforce said dominance: http://www.copperheadthemovie.com/

  5. Not enough copperheads here to care anymore, is my guess. Otherwise, a totally pointless gesture. ... Oh wait: was this done because somebody want to avoid bad press - or was it that some weak kneed officials cravenly fear "protest" violence by "urban youths.."

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