Settlement Means Cash For People Who Had Homes Foreclosed On
Jeanne Brigner calls facing foreclosure one of the top five life stress situations.
She had to go through that stress even though it was the bank that made the mistake.
“You don't sleep. You stare at the ceiling. You have to go to work and try to function. You have to take care of your kids especially with what we were going through,” said Brigner.
Brigner is referring to the death of her ex-husband, the father of her children. At the same time, she was facing foreclosure proceedings. She said the bank virtually ignored her case for a year.
“It's not an easy thing to lose your house. You face losing your job. You face finding a place to live. No credit. It's not an easy thing,” said Brigner.
At the end of that year, Brigner decided she needed more muscle and Sen. Sherrod Brown became involved.
“I know there are a lot of Jeanne's out there. People who have not done anything wrong or maybe made a minor mistake,” said Brown.
This month, federal regulators reached an $8.5 billion dollar settlement with 10 of America's top banks. They include Aurora, Bank of America, Citibank, JPMorgan Chase, MetLife Bank, PNC, Sovereign, SunTrust, and U.S. Bank, Wells Fargo.
The settlement means that 3.8 million borrowers whose homes were foreclosed on in 2009 and 2010 will receive cash compensation.
There are 95,000 borrows affected in Ohio, including 10,000 in Franklin County.
Brown called it the tip of the iceberg.
“Wall Street is still to powerful, people in government aren't standing up to them like they should. And people like Jeanne pay a price,” said Brown.
A price Brigner said she hopes never happens to anyone else.
“It's very scary. It's very, very, very scary,” said Brigner.
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