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

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