
It took more than a year to strike a deal, but here it is, the biggest government-industry settlement in history, surpassing even big tobacco.
Barely two weeks into a new government program that allows severely underwater borrowers with loans backed by Fannie Mae and Freddie Mac to refinance their loans to lower rates, the numbers are surging.
Attorneys general from more than 40 states have signed on to a proposed settlement agreement with five of the nation's largest mortgage servicers over “robo-signing” foreclosure processing abuses, according to the lead negotiator, Iowa Attorney General Tom Miller.
A potential $25 billion settlement between the nation’s four largest banks and the 50 state attorneys general over faulty foreclosure processing is imminent.
While homeownership may be a tenet of the “American Dream,” renting is today’s actuality for a growing number of Americans.
It will go through the government mortgage insurer, the Federal Housing Administration and could cost between 5 and 10 billion dollars, according to senior administration officials.