photo credit: taberandrew
According to U.S. Housing and Urban Development Secretary Shaun Donovan, banks and the U.S. government are "very close" to coming to a settlement over alleged foreclosure abuses. From the Winter Meeting of the U.S. Conference of Mayors in Washington, Donovan announced that they are "very close to a settlement that would both fix the servicing problems, but also help over a million families around the country stay in their homes and get help. Federal and state officials have been working very closely with the major lenders in an effort to resolve "allegations of illegal foreclosure practices."
Donovan says they are expecting to see about one million write-downs, which will result in many borrowers getting "direct compensation as a result of the settlement."
