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More Than 40 States Join Foreclosure Deal; Ohio Not Among Them

Tens of thousands of families who lost their homes, or who are at risk of losing them now, could be helped by a settlement over foreclosure practices by major U.S. lenders.

States faced a Monday deadline to sign off on a proposal dealing out $25 billion from Bank of America, Wells Fargo, Citigroup, JPMorgan Chase, and Ally Financial.

Some states announced their intention to sign the settlement.

Ohio, Kentucky, and Indiana attorneys general declined to comment Monday on whether they planned to sign on.

An agreement would end negotiations between state and federal regulators and lenders over the “robo-signing” scandal, where mortgage servicers signed hundreds of thousands of foreclosure documents without checking their accuracy.

The deal calls for checks worth up to $2,000 to be sent to 750,000 homeowners who lost their houses to foreclosure between January 1, 2008, and December 31, 2011.

Since 2008, more than 53,000 foreclosures have been filed in Southwest Ohio and Northern Kentucky.

The exact number of homeowners affected by the potential settlement is impossible to gauge. Also unknown is how the settlement funds would be divided up among the states.

Via Cincinnati.com.

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One comment on “More Than 40 States Join Foreclosure Deal; Ohio Not Among Them

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