Final details in the $26 billion mortgage settlement were released by the Department of Justice on Monday. The purpose of the settlement was to assist struggling homeowners settle charges against banks of abusive and negligent foreclosure practices. Pending judicial approval, up to 1 million homeowners will have an average of $20,000 reduced off their principal and another 750,000 people could have their loans refinanced. Up to $2,000 will be awarded to those who were victims of foreclosure over the past three years. The banks however did get a concession in which the second mortgages would be written down equally with the first mortgages.
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