|Agreement with Banks over Mortgage Servicing Practices Yields $428 Million for Texas
AUSTIN, February 9, 2012 – Texas Attorney General Greg Abbott issued the following statement after today’s $25 billion nationwide agreement to resolve a multi-state investigation into wrongdoing by major mortgage servicers and lenders:
“Today’s sweeping measure halts past misconduct by large mortgage lenders such as ‘robo-signing,’ inadequate documentation and improper record-keeping. Because of the banks’ misconduct, homeowners have faced unnecessary hardship. Today’s agreement imposes a variety of reforms that are intended to benefit homeowners, help the nation move past the housing crisis and provide certainty to aid our long-overdue national economic recovery.”
Financial relief for homeowners
• Texas homeowners are scheduled to receive almost $287 million to help restructure existing mortgages and for payments to certain borrowers who lost their homes due to servicing abuses.
• Bank of America – (877) 488-7814