The big news this week was the mortgage settlement. Forty-nine states signed on to the $25 million deal with the United States' five largest banks, which could provide relief for upwards of 1 million homeowners. You can get all the details here and here.
While the settlement is significant, this MSNBC report suggests the effects of the settlement won't be as wide-spread for the general public as one might think, and the relief isn't exactly coming instantly.
Some of those who lost their homes may be eligible for a small cash payment, while others who are struggling to hang on may see their monthly payments lowered substantially through reductions in interest rates or their principal balance. So if you’re one of the lucky homeowners reached by the program, the impact could be significant. That won’t happen right away: the details of who will be helped and how they’ll be chosen have yet to be worked out.
So how long will that take?
Over the next 30 to 60 days, state and federal officials say they will pick an administrator to handle the logistics and a monitor to track lenders’ compliance. It will take another six to nine months identify eligible homeowners and notify them by mail. Lenders have three years to complete loan modifications. If they come up short, unearned modification credits will be converted to a cash penalty paid to the government.
Mashable has an awesome infographic on email trends. One of the most interesting facts is that 5-6 a.m. is when most people want to read emails. Early bird gets the worm, eh?