Borrowers with mortgages owned or serviced by the five banks: Ally Financial, JPMorgan Chase, Bank of America, Wells Fargo, and Citigroup. Collectively, the five service nearly 60 percent of the nation's mortgages.
Homeowners needing loan modifications now, including first- and second-lien principal reduction.
Borrowers who are current on payments but whose mortgages exceed their homes' value can refinance at current low rates.
Borrowers who lost their homes to foreclosure will receive up to $2,000. No proof of financial harm will be needed, and they will still be able to have their cases reviewed by the government and will not have to release private claims against the servicers.