Floridians get $8.4 billion in mortgage settlement

On Thursday, the U.S. government announced a $25 billion settlement with the nation's five largest mortgage servicers over foreclosure abuses and unacceptable nationwide mortgage servicing practices.
This settlement will provide substantial relief to struggling Florida homeowners,  According to state Attorney General Pam Bondi's office the proposed agreement provides an estimated $8.4 billion in relief to Florida homeowners and addresses future mortgage loan servicing practices. Additionally, this agreement holds banks accountable and puts in place new protections for homeowners in the form of strict mortgage servicing standards.
• Florida borrowers will receive an estimated $7.6 billion in benefits from loan modifications, including principal reduction, and other direct relief.
• Approximately $170 million will be available for cash payments to Florida borrowers who lost their home to foreclosure from January 1, 2008 through December 31, 2011 and suffered servicing abuse.
• The value of refinanced loans to Florida’s underwater borrowers would be an estimated $309 million.

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