Mortgage settlement leaves most homeowners to fend for themselves // MSNBC

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At the time this article was written it was not know that BoA would independently be required to provide principal write-down to 200,000 mortgage holders. This graphic illustrates the numbers of delinquent investor-owned mortgages serviced by BoA.

This article, written before the actual terms of the agreement were made public, presents the opinion of experts that think that the mortgage settlement will do little to improve the housing market.  Even if the most optimistic goals of the architects of the agreement are reached the amount of relief provided will only equal 5% of the total underwater value of mortgages in the United States.  Also, because the agreement only binds the five banks that joined the agreement, and not Fannie Mae or Freddie Mac (owners of over 50% of mortgages nationwide) a few people will receive dramatic help, but the vast majority will not be helped at all.

http://bottomline.msnbc.msn.com/_news/2012/02/09/10365356-mortgage-settlement-leaves-most-homeowners-to-fend-for-themselves

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