Bank of America Settlement and What it Means for You.
Bank of America came to an agreement with the Federal Government on August 21, 2014, agreeing to pay $9.65 billion in cash, plus provide an additional $7 billion in aid to consumers.
The Maryland government will also share in an estimated $75 million as part of the settlement, in part to help consumers with mortgage forgiveness.
According to the Baltimore Business Journal, Maryland Attorney General Doug Gansler said, “Marylanders will benefit as defrauded state and local government pension plans receive compensation and distressed consumers receive additional mortgage-related relief and assistance.”
How does this affect YOU?
It will only affect you if you were directly affected by their activities in the past, and most likely would already have an outstanding claim with them.
The Baltimore Business Journal article says:
Consumer relief will be distributed to struggling homeowners between now and 2018. It will come in the form of mortgage modifications, including first-lien principal and forbearance forgiveness and second-lien extinguishments, low- to moderate-income mortgage originations and community reinvestment and neighborhood stabilization efforts. The consumer relief will be subject to oversight by an independent monitor.
In the long run, if you are not already involved with the Bank of America claims, you most likely will not see any of the relief money.