$960M In Foreclosure Settlement Intended To Help Marylanders Keep Their Homes

ANNAPOLIS, Md. (WJZ)— There’s new hope for Maryland homeowners struggling to make ends meet. Nearly a billion dollars is coming our way as part of a massive settlement with five major U.S. banks.

Kai Jackson explains who this settlement can help.

For some, this kind of help can’t come soon enough. For others, it’s help that comes too late.

Maryland will get nearly a billion dollars to help struggling homeowners.

“We spent almost 14 months getting to this point,” Md. Attorney General Doug Gansler said.

It’s part of a $25 billion settlement by five of the nation’s largest banks– a deal made with the federal government that holds banks accountable for abuses that led to the housing collapse.

Bank of America, Wells Fargo, JP Morgan Chase, City Group and Ally Financial are all involved.

“Under the terms of this settlement, America’s biggest banks, banks that were rescued by taxpayer dollars, will be required to right these wrongs,” President Barack Obama said.

Gansler says this deal will help thousands of Marylanders stay in their homes through enhanced loan modifications and other services.

“We’re getting more money than New York is,” he said. “We were hit that hard.”

To speed up evictions, workers sometimes signed documents they hadn’t read or faked signatures, a practice called robo signing.

The $960 million is based on the number of Maryland homeowners impacted by the mortgage crisis.

Amanda Kelly says her father-in-law’s home was foreclosed.

“It’s definitely created a little bit of anger toward the whole practice of foreclosures in general,” she said. “We’ve definitely become more educated on why all this is happening.”

You can qualify if your home was foreclosed between Jan. 1, 2008 and Dec. 31, 2011.

The deal involves 49 states and is expected to help nearly one million households.

For more information on settlement assistance, click here or call Maryland hotline at 877-462-7555.

  • MJH

    This does sound good for those that were truly wronged by corrupt bussiness practices. But DO NOT ALLOW O”MALLEY NEAR THIS MONEY. He has spent his allowance and mine, my nieghbors and their friends. Keep your hands out of the cookie jar. I do hope along with this money comes a completely transparent oversight. If not can anyone say that the pick pockets in Annapolis will not go thru this like a kid with a bag of candy after a Holloween party. Oh my belly hurts.

    • Seth McFarlane

      SO basically people who lost their homes in MD will get one months rent on their brand new apartment. Thanks Banks! Corporations are just great, Democrats are just great, American people who couldn’t afford the homes the agreed to buy are so smart it is all just so great.

    • ben

      “transparent oversight?” We’re talking about the government here! No such thing!

  • big tom

    even though the state is getting the money, they should give it the people who were affected by this not the state, the state will use the money and homeowners will still be without.

  • hahaha

    Again goes to cell phones and o bortions

  • frank coffee

    Ask MOM what happened to the monies from the tobaco settlement ? How much was done for the people that wanted to quit,but could not afford and were not told how to get help. Most of the money went for public service ads and to pay to salaries of those that handled the money,and don’t forget the lawyers. Think any state politician has any lawyer friends or their own law firm that got some of that dough ?

  • Diane B

    I hear you about not letting O’Malley near the money! There’s something seriously wrong in Maryland. Raise taxes, raise taxes, raise taxes and it’s still not enough. Now another gasoline tax??? Remember O’Malley doesn’t know what a loaf of bread costs … that’s because we are paying for his loaves of bread and God knows what else!! The politicians make me sick. I haven’t seen anything positive come from any of them for years. It’s time for SOMEONE to STEP UP TO THE PLATE … other than the taxpayers!!

  • outkasts

    The government loves to give billions to other countries, any help to hard working north American people would be a plus for me.

  • happyjack

    The state will blurn through that $$ quicker than a fart in the wind.

  • Sheeple

    The operative word “Intended” is one of those words used by todays great leaders in government. We the citizens understand the true meaning of word when it’s used by a governing body. Example, ” We intend to close the unexpected shortfall in the budget.” Meaning—- “The citizens will pay more”….”The new regulations are intended to spur economic growth” Meaniing… ” The citizens will have to pay more” ” The new law is intended to keep you safe”…. Meaning…. ” The citizens rights will be infringed upon….and they will have to pay more.” We, whom the government serves need to introduce a new word to the government vocabulary. “Accountability”

blog comments powered by Disqus
Track Weather On The Go With Our App!

Listen Live