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Save his home since his servicer made a mistake declaring his family behind on the mortgage when they were not. he received a post card recently saying he ll be getting a check. he too expects $300. it is kind of like a slap in the face. we ve been trying to work through this for three years now. and we ve lost lots. reporter: in all 13 banks will pay $3.6 billion to homeowners under the settlement. the five biggest banks alone earn more than $60 billion last year. the largest payouts, $125,000, go to more than 1,000 members in the military wrongly foreclosed on. and to 53 homeowners foreclosed on, even though they never missed a more gang payment. but most almost 2 million homeowners get checks of $300 to $600. families get pennies on the dollar in the settlement. for having been the victims of illegal activities or mistakes ....
Know how devastating that was? being a single mom and having two kids and being taken my house away? that was pretty sad. i need to get more than $500. alexis, how do we get here? there s, we have the housing bubble, okay. everybody goes out and gets mortgages and then the mortgages all blow up and the blow up makes the financial crisis. what blowing up looks like on the backside is that banks are foreclosing left and right and on so many properties they cannot deal with how many properties they have to fore close on, then what happens? the occ who used to be responsible for mortgage servicing, giving you monthly payments i have a mortgage and there s someone i send a check to. that s your servicer. they look really bad because there are all these people being wrongfully foreclosed on. there was the robo signing ....
Stuck to it. there are 234,000 of them. another 865,000 of them were in the process of foreclosure even they, too, had gone to the bank and worked out a new payment plan. that by the way is known as dual tracking, where a bank is processing your loan modification while pursuing a foreclosure against you. a better term would be double viewing or double crossing. so the 199 million victims get $500 each. $500. it s a number so hilariously low it has spawned what can you buy for having your house stolen. which brings us to our next notable category, homeowners in which the servicer completed foreclosure on a borrower who was not in default. the foreclosure was completed on a homeowner who is not in ....
Wrong. they were not in default. current on their payments and their homes were taken. in other context, we would say they were stolen. they ll get $125,000 for their trouble. the outraged matched only by this one. servicer foreclosed on, borrower eligible for service member s relief act. translation. wrongfully foreclosing on active duty members of the armed forces. all the other awards in all the other category pay out mostly nominal amounts. many of the 3.5 million homeowners were supposed to get an independent review from the governor, but the federal reserve and the office of the comptroller of the currency punted because this review process to look into a system so deeply flawed and messed up that everyone around the country was scratching their heads. this deeply flawed system, instead, the occ engineered a ....
And worked out a new payment plan. that by the way is known as dual tracking, where a bank is processing your loan modification while pursuing a foreclosure against you. a better term would be double viewing or double crossing. so the 1 million victims get $500 each. $500. it s a number so hilariously low it has spawned what can you buy for having your house stolen. which brings us to our next notable category, homeowners in which the servicer completed foreclosure on a borrower who was not in default. the foreclosure was completed on a homeowner who is not in default. $125,000. that is a lot of money. but that is $125,000 for taking your home away, from you, without any justification. these are people who did nothing ....