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January 24, 2012

$25B mortgage deal goes to states

  • As part of the deal, about 1 million homeowners could get the principal amount of their mortgages written down by an average of $20,000.
    • By DEREK KRAVITZ
    AP Economics Writer

    WASHINGTON — The nation's five largest mortgage lenders have agreed to overhaul their industry after deceptive foreclosure practices contributed to driving homeowners out of their homes, government officials said Monday.

    A draft settlement between the banks and U.S. states has been sent to state officials for review.


     
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