Understanding the Mortgage Deal: A Primer—and Battle Cry—for Nonprofits – NPQ – Nonprofit Quarterly – Promoting an active an engaged democracy.

Via Scoop.itsocialmedia_nonprofits

Nonprofits have a significant stake in the deal cut between the Obama Administration, 49 states, and the five largest mortgage servicers in the wake of the mortgage crisis. JP Morgan Chase, Bank of America, Wells Fargo, Citigroup, and Ally Financial will pay $25 billion as a legal settlement to release them from federal and state (excepting Oklahoma, which negotiated its own settlement) claims regarding the banks’ failure to help borrowers before foreclosure, their “robo-signing” of mortgage foreclosure documents, and other highly criticized bank practices. The agreement calls for the banks to stop those practices in the future.
Via www.nonprofitquarterly.org


Leave a comment

Filed under Uncategorized

Leave a Reply

Fill in your details below or click an icon to log in:

WordPress.com Logo

You are commenting using your WordPress.com account. Log Out /  Change )

Google+ photo

You are commenting using your Google+ account. Log Out /  Change )

Twitter picture

You are commenting using your Twitter account. Log Out /  Change )

Facebook photo

You are commenting using your Facebook account. Log Out /  Change )


Connecting to %s