Bloomberg reports that US Banks have reached a $25 billion agreement to pay homeowners in one of the largest federal-state civil settlement in the nation’s history. It is estimated there are 10 million-plus homes underwater.
According to the White House, President Obama said, “We have reached a landmark settlement with the nation’s largest banks that will speed relief to the hardest-hit homeowners, end some of the most abusive practices of the mortgage industry, and begin to turn the page on an era of recklessness.”