Banks Slow to Pay Owed Money to Homeowners
Black Enterprise Magazine July/August 2018 Issue

This may not be a shock to anyone, particularly not to troubled (or former) homeowners:

Banks have doled out less than half of the $5.7 billion in cash owed to borrowers under settlements brokered by the government, according to the Washington Post’s analysis of government data.

These 30 settlement agreements were secured for victims whose lenders discriminated against them and hooked them into mortgages that largely caused last decade’s housing crisis. (We should note that a disproportionate number of the victims are black and Latino families.)

Consumer advocates and lawmakers are frustrated by the delays in payment, which they say are making it difficult for victims to recover financially.

What’s the hold up? Banking industry officials and regulators told the Washington Post that these settlements have grown too complex over the years, making them difficult to execute quickly.

Yeah, sure. Seems like those foreclosures were executed pretty quickly, no?

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Aaron Morrison

Aaron Morrison is an award-winning New York area-based multimedia journalist with a B.A. in Journalism from San Francisco State University. Aaron uses video, audio, photography, the web and social networks to tell captivating stories across all media platforms. Over the last year, Aaron has worked as a general assignment reporter for the Daily Record (Gannett) in northern New Jersey. Before that, he spent the spring of 2010 as the temporary legislative relief reporter for The Associated Press' statehouse bureau in Trenton, N.J. In his down time, Aaron enjoys the company of his friends and extended family. He is a fan of culinary arts and dreams of having a home kitchen so tricked out that Julia Child turns over in her grave.


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