National Mortgage Settlement

The story of the 'Working Group'
4:45 am
Fri August 22, 2014

Why NY gets $800 million, Conn. gets nothing in Bank of America settlement

New York Attorney General Eric Schneiderman, accompanied by Attorney General Eric Holder, speaks at the Justice Department in Washington, Friday, Jan. 27, 2012, after Holder announced the formation of the Residential Mortgage-Backed Securities Working Group.
Credit AP/Cliff Owen

Bank of America, the second largest U.S. bank, reached a record-breaking settlement totaling more than $16 billion dollars with federal and state prosecutors over alleged fraud that led to the financial collapse in 2008. The settlement was the work of the Residential Mortgage-Backed Securities Working Group.

Back in 2012, President Obama said the State of the Union was getting stronger, the country was getting a foothold in the economic recovery, and he announced what would later be called the Residential Mortgage-backed Securities Working Group.

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Up to $40K to payoff old debt
5:55 pm
Thu June 26, 2014

NY offers free loans to halt foreclosures

New York Attorney General Eric Schneiderman plans to offer $40,000 in free loans to homeowners trying to stop foreclosure
Credit AP/John Minchillo

New York Attorney General Eric Schneiderman is launching a free loan program to help homeowners struggling to avoid foreclosure. Homeowners can borrow up to $40,000 interest free.

The loans are aimed at homeowners trying to secure mortgage modifications which may be stalled because of small outstanding debts like back taxes or delinquent second mortgages.

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