What To Know About The $25 billion Foreclosure Settlement

The details are in the Wall Street Journal article from today’s paper titled “Q&A: What Homeowners Need to Know on the Deal.”

Who does the settlement cover?
The settlement covers borrowers who have loans that are serviced by one of the five big banks: Ally Financial Inc./GMAC Mortgage, Bank of America Corp., Citigroup Inc.,J.P. Morgan Chase & Co. and Wells Fargo & Co. These banks handle payments on 55% of U.S. mortgages, according to Inside Mortgage Finance………