State Attorney General Signs $26 Billion Mortgage Deal With Banks

LOS ANGELES (CBS) — State Attorney General Kamala Harris signed a multi-billion dollar deal Thursday aimed at helping California homeowners.

The deal would help people who are struggling with their mortgages and those who have already lost their home to foreclosure.

California will join more than 40 states in a $26 billion settlement with five major banks over their foreclosure practices.

The settlement involves Wells Fargo, Bank of America, JPMorgan Chase, Ally Financial and Citigroup, all of which are said to have filed numerous foreclosures based on flawed and fraudulent documentation.

The average homeowner will receive about $20,000 is mortgage aid due to the agreement.

It will be the biggest deal since the 1998 agreement with the tobacco industry which is projected to be worth more than $200 billion over 25 years.

For detailed information about the settlement, visit the National Mortgage Settlement website.

To find out if you may be eligible for a loan modification, refinance, short sale or other foreclosure prevention relief under the settlement, contact your mortgage servicer. To find the servicer on your loan, look for a contact phone number on your mortgage statement. Contact the bank or servicer listed on the statement to ask who services or owns your mortgage loan. For more details, click here.

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  • KeithS

    Whoops, looks like a misprint. Each homeowner will be receiving 2,000, not 20,000(or so MSNBC says). Once again, just like health care, Obama only went half way and assumes something is better than nothing.
    Personally, between this and health care, I feel like Obama does just enough instead of real, honest-to-goodness reform that helps everyone across the board. He reminds me of the waiter who, when I asked for an ice tea refill, put ice in the glass to fill it up rather than pour the tea-Yeah, it looks like more and it serves a short-term purpose but in the long term, it amounts to very little.

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