{"id":7400,"date":"2012-04-05T14:43:33","date_gmt":"2012-04-05T18:43:33","guid":{"rendered":"http:\/\/stateimpact.npr.org\/new-hampshire\/?p=7400"},"modified":"2012-04-05T14:44:03","modified_gmt":"2012-04-05T18:44:03","slug":"what-the-25-billion-mortgage-settlement-means-for-nh","status":"publish","type":"post","link":"https:\/\/stateimpact.npr.org\/new-hampshire\/2012\/04\/05\/what-the-25-billion-mortgage-settlement-means-for-nh\/","title":{"rendered":"What The $25 Billion Mortgage Settlement Means For NH"},"content":{"rendered":"
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Spencer Platt \/ Getty Images<\/p>

States are dividing up a massive settlement with big banks. But what will the influx of money do for NH's foreclosure situation?<\/p><\/div>\n

Since 2005, the number of foreclosures in New Hampshire has increased 700 percent. Last year, more than 3,800 families were\u00a0forced out of their homes due to foreclosure.<\/p>\n

New Hampshire is\u00a0one of 49 states that signed on to\u00a0a settlement<\/a> between the federal government and the country’s five largest lenders — Bank of America<\/a>, Citi<\/a>, Wellsfargo<\/a>, Ally\/GMAC<\/a>, and JP Morgan Chase<\/a> — brought for misconduct in lending practices.<\/p>\n

The banks are accused\u00a0of fast tracking\u00a0foreclosures through improper documentation by so-called “robo-signing,”\u00a0 as well as engaging in another practice called dual tracking. Dual tracking occurs when borrowers are in the process of\u00a0refinancing and the bank is also working to foreclose on them.<\/p>\n

“That’s unfair and deceptive,” says Senior Assistant Attorney General <\/a>Thomas Boffetti.”The banks were collecting servicing fees and collecting interest payments, and on the other side they were foreclosing on people and kicking them out.”<\/p>\n

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