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States Reach Mortgage Settlement Deal With Banks -- Report States Reach Mortgage Settlement Deal With Banks -- Report States Reach Mortgage Settlement Deal With Banks -- Report States Reach Mortgage Set...

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Economy / Banking and finance

States Reach Mortgage Settlement Deal With Banks -- Report

February 8, 2012

CORRECTION: An earlier version of this story misstated the size of the deal, as initially reported by The New York Times. It is a $26 billion deal.

An agreement is expected to be announced on Thursday by federal and state officials of a $26 billion deal between banks and states, The New York Times reports. The deal would cap a yearlong federal and state probe to determine possible foreclosure abuses by lenders, and will include California and New York, officials familiar with the negotiations told The Times.

The agreement, when announced, will represent the largest government-industry settlement since a landmark multistate deal with the tobacco industry in 1998. As a part of the deal, about 1 million people will see their mortgage debt reduced, 300,000 will be able to refinance their loans at lower rates, and about 750,000 people who lost their homes to foreclosure between September 2008 and December 2011 will receive checks for about $2,000.

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