Banks Agree to $25 Billion to Help Homeowners

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.”

Read the Full Post on Forbes.

Previous post:

Next post: