Questions And Answers On The Mortgage Settlement

After nearly a year of negotiations, federal and state officials and five major mortgage servicers have announced a $25 billion settlement over alleged past foreclosure and mortgage loan-servicing abuses. Here are answers to questions about the deal.

Q: Who is participating in the settlement?

STORY: Mortgage deal is broadest action taken in foreclosure crisis

A: All states except Oklahoma. Oklahoma reached its own settlement. The five servicers are Bank of America, JPMorgan Chase, Citibank, Wells Fargo and Ally Financial. Smaller ones are expected to join later.

Q: Who may get help under the settlement?

A: Borrowers whose loans are owned by the participating banks and those who suffered foreclosures by one of them from 2008 through 2011.

Q: How will $25 billion be spent?

A: The terms include:

•At least $10 billion for reducing principal on loans for borrowers who are either delinquent or at imminent risk of default and are underwater — meaning they owe more on their mortgages than their homes are worth. .

•At least $3 billion for refinancing loans for borrowers current on their mortgages and underwater.

•Up to $7 billion will go toward other kinds of assistance, including forbearance of principal for unemployed borrowers, anti-blight programs and short sales.

•$1.5 billion will provide cash payments to borrowers whose homes were sold or taken in foreclosure between Jan. 1, 2008, and Dec. 31, 2011, and who meet other conditions. Officials estimate up to 750,000 borrowers could receive checks for $1,500 to $2,000.

•$3.5 billion will be used to repay public funds lost as a result of servicers’ misconduct and to fund housing counselors, legal aid and other public programs determined by attorneys general.

•An additional $1 billion will be paid by Bank of America to resolve a separate federal investigation related to alleged wrongful conduct by the bank and Countrywide involving inflated appraisals of Federal Housing Administration-insured mortgages. Half of that $1 billion will be used to fund a loan modification program for Countrywide borrowers who are underwater on their mortgages. Bank of America acquired Countrywide in 2008. Continue Reading …

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Jenelle Evans Skating With Son Before Second Arrest Celebrity Babyscoop

Jenelle Evans Skating With Son Before Second Arrest Celebrity Babyscoop: Prior to being arrested, Jenelle Evans was seen ice skating with her 2-year-old son Jace  and her new beau Gary Head in Oak Island, North Carolina on Monday (January 16). The trio were all smiles as they skated around the rink and posed for pics.

Shortly after unlacing her skates, the Teen Mom star was arrested for the second time in six days for violating a domestic violence protection order, TMZ reports.

The 20-year-old reality TV starlet was first arrested on January 10 in Brunswick County, North Carolina, and charged with making harassing phone calls and threats to her former roommate Hannah Inman. She was later released on $ 1,000 bond shortly after her arrest. Continue Reading…

John Edwards To Undergo Heart Surgery

John Edwards To Undergo Heart Surgery: John Edwards is battling a life-threatening heart condition that will require surgery next month and delay his criminal trial again, a court heard today.

The 58-year-old former Democratic presidential candidate is facing trial inNorth Carolinafor allegedly abusing $1million of campaign finances.

But Judge Catherine Eagles delayed the trial until at least March 26 and said he should avoid driving and travel – including to court proceedings.

Edwards walked into the courtroom inGreensborowithout assistance and appeared healthy. Judge Eagles had requested that he be there.

His cardiologist wrote two letters to Judge Eagles but no details were revealed about what sort of surgery or what illness Edwards may have. Continue Reading…

Judge Says John Edwards Has Serious Heart Condition

Judge Says John Edwards Has Serious Heart Condition: John Edwards’ federal corruption trial was delayed for 60 days Friday so the former presidential hopeful can receive treatment for a “serious” but unspecified heart condition, The News & Observer reported.

Judge Catherine Eagles agreed to delay the trial for at least two months.

Eagles said in court that she had received letters from two cardiologists indicating that Edwards has “a serious condition,” but one that is treatable. The doctors have scheduled a procedure for February to treat the condition. Continue Reading…

Paralyzed Woman To Drive Your Education Learning To Move

Paralyzed Woman To Drive Your Education Learning To Move: North Carolina woman who left behind him final August despite a unique crash got married in her body paralyzed movement is determined to bring back and what a baby one day.

“You look citizenry walk your wheelchair, citizenry, Joe, are learning to stand away from” Rachelle Chapman, 26, a recent phone conversation and that’s exactly what he told MSNBC. Read More…