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"The median monthly payment reduction for borrowers enrolled in
the (HAMP) program is $522" - DSnews.com

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The State Attorney Generals Settlement is Coming to an End


The settlement between the banks and the State Attorney Generals is coming to an end.  It is being reported that the settlement is for 25 billion dollars. The money will be broken up in a couple different categories in assisting struggling homeowners.  Of the 25 billion, there will be "$5 billion in cash payments, mostly to the states, $3 billion in refinancing for underwater mortgages, and $17 billion in principal reduction".
   
The majority of the money is going to assist underwater borrowers. 17 billion dollars will be used for principle reductions, and "menu of other elements aimed at reducing the impact of the country's massive housing debt".