The nation’s five largest mortgage companies are paying billions to Iowa homeowners.
Quad City Daily News.com reports that a settlement from 2012 helped 204 Iowa homeowners refinance with an average interest rate reduction of 3.66 percent. According to Iowa.gov, Iowa Attorney General Tom Miller led a 16-month nationwide investigation with mortgage companies and found mortgage foreclosure abuses and fraud, and unacceptable nationwide mortgage servicing practices.
The U.S. Department of Housing and Urban Development has estimated that ‘Held for Investment’ mortgages make up roughly 20 percent of the U.S. mortgage market. The settlement targeted this market.
The average relief was just above $33,000 per borrower.