In a true case of better late than never, more than 2 million Americans could benefit from a $25 billion deal federal and state authorities reached with some of the nation’s largest banks on February 9 to ease the home foreclosure crisis. It is the largest settlement involving a single industry since a 1998 multistate tobacco agreement. Five major banks – Ally Financial, Bank of America, Citigroup, JP Morgan Chase and Wells Fargo will reduce loans for nearly 1 million households. They also will send checks to about 750,000 additional households that suffered improper foreclosures. The banks have 3 years to fulfill the terms of the deal. Over 1 million households had endured foreclosure as of the end of 2011.
Housing and Urban Development (HUD) Secretary Shaun Donovan, second from right, and others, watch as Attorney General Eric Holder announces a settlement regarding mortgage loan servicing and foreclosure abuse, Thursday, Feb. 9, 2012, at the Justice Department in Washington. (AP Photo/Cliff Owen)
Chief Writing Wolf 