$18 Billion For California In National Multi-State Mortgage Settlement

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A rough estimate of allocation

$849 million to refinance 28,000 homeowners who are upside down but current on their payments
$279 million in restitution for 140,000 family’s who were foreclosed upon between 2008 and 2011
$1.1 billion allocated for unemployed homeowners, transitional assistance, and repairing blight
$3.5 billion to for 32,000 homeowners to extinguish unpaid loans that remain after foreclosure
$430 million to the state attorney general’s office for costs and fees

It applies only if your loan was owned or serviced by Bank of America, JPMorgan Chase, Wells Fargo, Citigroup, and Ally Financial Inc. Funds will be allocated throughout the state in the most distressed areas. It does not apply to the majority of homeowners whose mortgage is owned by Fannie Mae or Freddie Mac.

The As part of a California guarantee, if the lenders fail to reduce principal balances by a minimum of $12 billion, they will be required to pay fines up to $800 million to the state.

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