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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.

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