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In a new deal being reviewed by state governments, the nations five largest mortgage brokers, Bank of America, Wells Fargo, JPMorgan Chase, Citibank, and Ally, would pay out as much as $25 billion. Most of this money would go to reduce the principal that struggling homeowners owe on their mortgages. The total payout is just pennies on the dollar. Furthermore, who decides who gets this help? Ed Butowsky, wealth manager, financial advisor, and managing partner of Chapwood Investment Management, joins Fox News to discuss what these banks are trying to do and to whom they are trying to help.
Ed Butowsky is the managing partner of Chapwood Investment Management and is an internationally recognized expert in the investment wealth management industry. Ed is also a frequent guest on other networks such as CNN, NBC, ABC, Fox News, Fox Business, and Bloomberg to name a few.
Tags: ally, b of a, banks, citibank, financial advisor, jpmorgan chase, mortgage, performance, portfolio, sharpe ratio, state government, wealth manager, wells fargo