Government announces $25 billion deal on mortgage abuses - Washington Times: t aims to benefit nearly 2 million current and former homeowners harmed by abusive mortgage and foreclosure practices during the past decade’s housing boom and bust, by requiring banks to reduce some loans, send out checks to homeowners who have faced foreclosure, and refinance mortgages for underwater borrowers.
Among several forms of restitution, it will provide $1.5 billion in direct cash payments to an estimated 750,000 borrowers whose homes were improperly sold or taken into foreclosure between 2008 and 2011.
President Obama thanked Democratic and Republican attorneys general across the country for their work on the settlement, which he said will “begin to turn the page on an era of recklessness.”
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