How Will the $25 Billion Foreclosure Settlement Affect You?

How Will the $25 Billion Foreclosure Settlement Affect You?

Marking the conclusion of the largest joint state-federal settlement in history, the National Association of Attorneys General announced today that the nation’s five largest mortgage servicers — Bank of America Corporation, JPMorgan Chase & Co., Wells Fargo & Company, Citigroup, Inc., and Ally Financial — have agreed to pay a $25 billion judgment to settle an investigation into illegal foreclosures.

Government agencies launched the investigation in response to revelations that, in the wake of the housing bust, banks had mishandled foreclosure paperwork and illegally foreclosed on homes. The deal could provide some relief to close to 2 million homeowners …

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