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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 mass settle. got halfway through it and said, ....
Being a single mom and having two kids and being taken my house away? tra 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 ....
that s your servicer. they look really bad because there are all these people being wrongfully foreclosed on. there was the robo signing scandal. so they re like what can we do to make ourselves look better? make the banks look better and what can we do to restore faith to the mortgage markets, which was one of the stated goals of this thing called the independent foreclosure review we ve just seen the settlement for. it turns out the banks are saying we re foreclosing on you and the banks are saying do you have the documents, they say, yes, this adopt right here. that isn t the actual document you need. it s an affidavit that s been signed by a robot or someone they ve been paying minimum wage to. huge scandal, blew everything up, was in the wall street journal and everybody looked embarrassed. the occ says we re going to ....
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 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 ....
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 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 categories 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 ....