Report: 5 big US banks have cut homeowners' loan debt by $19B, given $45.8B in total relief

  • Article by: MARCY GORDON , Associated Press
  • Updated: February 21, 2013 - 12:25 PM

WASHINGTON - Five of the biggest U.S. banks have cut struggling homeowners' mortgage balances by $19 billion, part of a total $45.8 billion in relief provided under a landmark settlement over foreclosure abuses.

  • 43
  • Comments

  • Results per page:
FrankLFeb. 21, 1311:14 AM

$19B out of what amount, I believe the mortgage debt is probably in the $trillions. Don' expect a housing recovery based on this, it is a drop in the bucket.

19
14
dlzabzFeb. 21, 1311:15 AM

I've made all my mortgage payments, when I wanted to move worked hard and dumped a ton of cash to rent out my old house to a family that was foreclosed on. Where is my free money?

55
15
bigbadbeanFeb. 21, 1311:31 AM

What a crime. For every person that borrowed responsibly and paid their mortgage this is wrong. No one forced anyone to take out a mortgage and if you don't understand what you are signing you have no business signing it.

55
15
truthhurts73Feb. 21, 1311:41 AM

This of course is a huge farce. Many of these banks including my bank, BOA, sells the mortgages to third parties and thus frees them from the obligation to refinance underwater homes as part of the settlement. Why do these banks get to for go their obligations so easily?

25
9
commonsens4uFeb. 21, 1311:43 AM

I have to agree with the others posting here. I also bought a house in 2006 at the peak of the market. We have suffered the loss of almost all equity, but since we're not underwater, no $ for us. So just because we did our due diligence and bought a house that we could afford, we are basically punished and those that made foolish decisions and bought more than they could afford are being rewarded. There is no personal accountability anymore.

48
7
glyboualFeb. 21, 1311:44 AM

As usual responsible people get the shaft again. It took me over one year shopping for a house I know we can afford. I'm fully aware there are responsible and either lost a job or medical bill and had to foreclose. I'm just sick of the other people who bought homes as investment or bought way over what they can afford.

37
7
mnfishFeb. 21, 1312:00 PM

I purchased a new home last year because prices were low and interest rates were also low. Too bad my second home is underwater about 40% less than I paid originally. Since the banks got the big bail out and won't help underwater folks that are current on their mortgage payments....I figure the bank can have the property back and take the hit...after all, they are the ones who got the government bail out.

16
20
tnucklFeb. 21, 1312:03 PM

We tried, tried and tried for some relief...but were denied because we were responsible and paid our bills on time. I've lost an $80,000 down payment at the hands of our financial institutions. No one has been held responsible and the banks still win. Guess I'll just keep diggin ditches for myself. At least I'll have a place to lay so the haves can continue to kick more dirt in my face when my time is up!!!

21
12
olson123456Feb. 21, 1312:11 PM

If I am irresponsible with my money, I lose my home, etc. But if I am a large bank and I am irresponsible with my lending practices, I get rewarded.

23
9
mgtwinsfan1987Feb. 21, 1312:28 PM

Some people lost jobs that seemed very secure. You folks seem awfully harsh today. Is there no mercy in your lives at all??

20
19

Comment on this story   |  

ADVERTISEMENT

Connect with twitterConnect with facebookConnect with Google+Connect with PinterestConnect with PinterestConnect with RssfeedConnect with email newsletters

ADVERTISEMENT

ADVERTISEMENT

ADVERTISEMENT

ADVERTISEMENT

ADVERTISEMENT

ADVERTISEMENT