A $25 billion settlement over mortgage loan servicing and foreclosure abuse has been reached.
Mark Seifert, Executive Director of Empowering and Strengthening Ohio's People, said that it's just the beginning.
"It sounds like a big number, but when you start looking at the magnitude of what these clowns on Wall Street did, it's just not that much money," Seifert said.
ESOP has helped thousands of victims of predatory lending since 1999.
Seifert said that the settlement will help just a small number of struggling homeowners by allowing their mortgage debt to be reduced.
One million homeowners will be helped, but 11 million people have underwater mortgages.
750,000 victims of foreclosure will receive nearly $2,000.
Seifert said that while the settlement is between five lenders two big names are missing.
"The folks over at Fanny and Freddie have decided that they don't want to participate to principal reduction. This settlement does not apply to any loan held by Fanny May or Freddie Mac which makes up about 50 percent of everything that's out there," Seifert said.
The silver lining, according to Seifert, is the $70 million coming to Ohio as part of the settlement to demolish vacant and foreclosed homes.
"We are not out of this by any stretch. We could spend this money tomorrow and still have a lot of work to do," Seifert said.
Tomorrow ESOP is holding a protest against an area bank to demand "serious action on principal reduction."
ESOP said that underwater homeowners and neighborhood leaders from across northeast Ohio will board buses and take their message to a local bank.
The protest starts at their office on Perkins Avenue in Cleveland at 9 a.m.
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