It’s not a staggering sum considering most homes were overvalued on an average of 35% or more…but it is certainly better than other ostrich states that fail to audit their land records or pursue the banks for their crimes on behalf of their constituents.
Nearly 17,000 consumers helped.
Nearly 17,000 Floridians will receive an excess of $1 billion in relief from the Bank of America (BAC) record settlementwith the Department of Justice, which is almost 14% of the total $7 billion that was allotted to consumer relief, according to the office of Florida Attorney General Pam Bondi.
Those eligible will receive relief in the form of first and second lien principle reductions and loan forgiveness.
“Our office worked closely with Bank of America to ensure that Florida homeowners would be treated fairly in any settlement, and I’m pleased that Floridians will be receiving one-seventh of the overall consumer relief,” Bondi said.
The $16.65 billion settlement with the U.S. Department of Justice, certain federal agencies and six states was to resolve claims over toxic residential mortgage-backed securities, collateralized debt obligations and an origination release on residential mortgage loans sold to Fannie Mae and
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