$26 Billion Foreclosure Settlement Reached

The Department of Justice has released details on a major settlement for homeowners with five of the largest US home lenders.
The $26B deal currently with the 5 key banks: Bank of America, JP Morgan, Citigroup, Wells Fargo and Ally could actually rise if state and federal regulators reach an agreement with nine other financial institutions that have mortgage servicing. The total settlement could rise to somewhere between $30B and $45B.

American Banker:

State and federal authorities held a press conference Thursday to announce a $25 billion settlement with the five largest mortgage servicers, and provided key details on how the money was being distributed and the amounts each institution is expected to pay. http://gurl.im/db182zz

 Washington Post:

The Obama administration has announced this morning a $26 billion fraud settlement with five of the nation’s banks over their flawed and fraudulent foreclosure practices Here’s what you need to know about it: FAQ: The foreclosure settlement: http://gurl.im/08592zA

 CNBC:

In the largest deal to date aimed at addressing the housing meltdown, federal and state officials on Thursday announced a $26 billion foreclosure settlement with five of the largest home lenders. http://gurl.im/1a992zx

 MarketWatch:

After more than a year of negotiations, the biggest banks, states and federal authorities on Thursday announced the largest housing settlement ever — for more than $26 billion — over foreclosure practices that is expected to offer relief to more than one million U.S. homeowners. http://gurl.im/09192zB