Dunno - different parts apparently have different timetables.
Under the agreement, mortgage servicers will be required to set aside $20 billion toward financial relief for borrowers.
Quote:
At least $10 billion will go toward reducing the principal on loans for nearly 1 million borrowers who are either delinquent or at risk of defaulting soon. Those borrowers are also considered "underwater" — they owe more on their mortgages than their homes are worth.
At least $3 billion will go toward refinancing loans for borrowers who are current on their mortgages but are underwater. Borrowers who meet basic criteria will be eligible for the refinancing at current low interest rates.
Up to $7 billion will go toward other forms of relief, including forbearance of principal for unemployed borrowers, short sales and benefits for service members who must sell their home at a loss when they are forced to transfer locations.
The agreement requires the servicers to pay $5 billion in cash to the federal and state governments, and $1.5 billion of that amount will be used to pay up to $2,000 each to about 750,000 borrowers whose homes were sold or taken in foreclosure between Jan. 1, 2008, and Dec. 31, 2011, if they meet certain criteria. A settlement administrator will send claim forms to persons eligible for the cash payments.
Under the deal, mortgage servicers will face penalties if they don't fulfill these obligations within *three years, and they must meet 75 percent of their targets within two years. Loans owned by Fannie Mae or Freddie Mac are not covered by the settlement. All but one of the 50 states agreed to the deal.
**Oklahoma, the lone holdout, announced a separate deal with the five banks.
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*Bold - That's the only three years I see.
**Bold - I wonder what deal Oklahoma cut for itself.