Increase In Aid To Arizona Homeowners As A Result Of The Government’s Settlement With The Five Largest U.S. Banks

The nation’s five largest mortgage servicers are exceeding the requirements of an agreement to provide aid to struggling homeowners, providing billions of dollars more in mandated loan-related relief to borrowers.

The relief comes from the national mortgage foreclosure settlement forged last year among the U.S. Justice Department, 49 states and the nation’s five largest banks: Bank of America, JPMorgan Chase, Wells Fargo, Citigroup and Ally Financial.

The settlement was intended to compensate borrowers harmed by the mortgage industry’s robo-signing scandal, in which many people allegedly were foreclosed on improperly through bad paperwork and other abuses.