TALLAHASSEE, Fla. – May 17, 2011 – The Attorney General of Florida, a state where almost half of all mortgaged homes are underwater – opposes efforts that would force the nation’s five largest mortgage servicers to reduce the principal on loans owed by struggling U.S. homeowners.
Attorneys general in all 50 states are part of a group now negotiating a settlement with the five lenders, which are accused of falsifying and otherwise mishandling loan documents and mortgage modifications. Florida Attorney General Pam Bondi is one of seven members of the group who oppose a key negotiating point: Cut the mortgage principal for qualified homeowners.
For example, a delinquent homeowner who owes Bank of America $200,000 on a house now worth $100,000 could find the mortgage’s principal amount reduced by an as-yet-undetermined amount through the general proposal under discussion – an appealing proposal for the 2 million Floridians with such “underwater” loans.
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Read more at
http://www.floridarealtors.org/NewsAndEvents/article.cfm?p=4&id=260022
Attorneys general in all 50 states are part of a group now negotiating a settlement with the five lenders, which are accused of falsifying and otherwise mishandling loan documents and mortgage modifications. Florida Attorney General Pam Bondi is one of seven members of the group who oppose a key negotiating point: Cut the mortgage principal for qualified homeowners.
For example, a delinquent homeowner who owes Bank of America $200,000 on a house now worth $100,000 could find the mortgage’s principal amount reduced by an as-yet-undetermined amount through the general proposal under discussion – an appealing proposal for the 2 million Floridians with such “underwater” loans.
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Read more at
http://www.floridarealtors.org/NewsAndEvents/article.cfm?p=4&id=260022
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