$25 billion mortgage deal goes to states

The five largest mortgage lenders in the nation have agreed to adjust their procedures after the industry drew heat from deceptive foreclosure practices that forced homeowners out of their homes.  A draft of the settlement between the banks and the states have been sent to officials for review.  Foreclosure victims are unlikely to get their homes back or receive significant compensation from the recent settlement.  About half of the households eligible for assistance under the new deal (750,000 citizens) will receive checks averaging $1,8000.  The agreement could make it easier for those who are under risk of foreclosures by reducing the size of their mortgage.  This is the biggest single industry settlement since the 1998 multi state tobacco deal.

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