This page was written, edited, reviewed & approved by Emil J. Fleysher following our comprehensive editorial guidelines. Emil J. Fleysher, the Founding Partner, has 15+ years of legal experience as a bankruptcy attorney. Our last modified date shows when this page was last reviewed.
The Florida Attorney General’s Office declared that Bank of America will be providing a billion dollars for relief. It will go to approximately 17,000 Floridians over a settlement for mortgage security fraud. Bank of America Corp paid $16.65 billion to finalize the investigation; for the sale of harmful mortgage securities by federal, Florida. And, other states during the housing bubble. The homeowners and communities that were the most affected during the Recession will get the assistance of $7 billion. Meanwhile, the other $9.65 billion will be in fines.
Besides this being the largest settlement in history, the Attorney General also described it as going beyond the cost of doing business. The Attorney General’s spokesperson stated that all the particulars of how much and who will be receiving the assistance are still being worked out. Loan modifications, principal reduction and forgiveness, and new loans to borrowers with worthwhile credit. All will be part of the relief consumers will get. Communities that are still recuperating from the recession will receive donations. And, others will get rental housing whose finances are affordable.
Of the $7 billion settlement, a seventh will go to Florida. Its purpose is to help homeowners and communities who were the most affected during the financial crisis. The firms Merrill Lynch & Co and Countywide Financial Corp did the majority of the toxic loans. Bank of America attained these firms in 2008.
If you have questions about Foreclosure, Loan Modification, Bankruptcy, Short Sale, or other alternatives, please feel free to call my office at 888-886-0020. Or, send an e-mail to emil@fleysherlaw.com, or complete the contact form below.
Emil specializes in consumer bankruptcy, debt settlement, and mortgage modification, offering a holistic approach to solving mortgage and debt problems. Emil listens to clients, understands their circumstances and goals, and helps them make the right choices by presenting all options and contingencies.
He is dedicated to helping South Floridians regain their financial freedom from overwhelming debt caused by high interest credit cards, bad mortgage loans, and uninsured medical expenses.
"*" indicates required fields
