Today, Attorney General Roy Cooper joined US Attorney General Eric Holder and other state Attorneys General and federal authorities in Washington to announce an historic state-federal settlement with the nation’s five largest mortgage lenders. The settlement is a “win-win-win” according to experts and will bring $338 million to North Carolina's economy.
State Attorneys General investigated claims of fraud against the nation’s five biggest banks after the collapse of the US housing market. The money will go to struggling homeowners and to borrowers who lost their homes due to flawed foreclosures. Funds are also provided for fraud prevention and prosecution as well as legal help and housing counselors. In addition, new rules for mortgages will be put into place to help prevent unnecessary and improper foreclosures.
Attorney General Cooper is a national leader in consumer protection, working to get fair deals and stop fraud both here in North Carolina and across the country.
Here are some of what the national experts are saying:
“So think of this as that rarest of settlements, one which really is a win for all sides.” --- Felix Salmon, Reuters
“Mortgage Plan Gives Homeowners Bulk of the Benefits.” --- New York Times Business Day
“Landmark Deal: Billions to Help Homeowners” --- Washington Post.