Subject to a wrongful foreclosure? Our former neighbors were and we miss them still.
The settlement reached between the banks and the regulators doesn't do much for those who lost their homes wrongfully:
Zibel, a. & Fitzpatrick, D. (2013, April 10) 'Scant Relief in Foreclosure Payouts: Most Borrowers to Get Less Than $1,000 as Part of a $9.3 Billion Settlement Between US and Banks.' The Wall Street Journal, p. C1.
[Excerpt] About 4 million borrowers will share $3.6 billion in cash as part of a settlement between federal regulators and banks accused of foreclosure-processing mistakes. U.S. regulators said Tuesday that banks wrongfully took away homes from 1,082 borrowers who were members of the U.S. military. Another 53 borrowers were found to have lost their homes despite not actually defaulting on their loans....[END]
Majia here: The article explains that most borrowers will see only between $300 and $1,000 dollars.
The probe investigating foreclosure wrongdoings was halted early 2013 when the regulators and banks reached a settlement because they claimed otherwise the probe would "drag out indefinitely."
What isn't clear to me is how people who lost homes by foreclosure were included (or not) in the review and settlement.
Another article from Think Progress examining the settlement for US service members reports that these individuals will receive much higher payouts. See the article here
I'm not confident this settlement will do much to improve the banking industry's ethics when the Federal Reserve Bank continues to bailout out their excesses with zero percent interest rates (i.e., 'free money').