States, banks reach foreclosure agreement

| Print |  Email
Must Reads
Thursday, February 09, 2012

U.S. states reached a $25 billion deal with mortgage lenders over foreclosure abuses after the housing bubble burst.

Federal and state officials announced the deal Thursday. It is the biggest settlement involving a single industry since a 1998 multistate tobacco deal.
Under the agreement, five major banks — Bank of America, JPMorgan Chase, Wells Fargo, Citigroup and Ally Financial — will reduce loans for nearly 1 million households. They will also send checks of $2,000 to about 750,000 Americans who were improperly foreclosed upon. The banks will have three years to fulfill the terms of the deal.
All but one of the 50 states agreed to the deal. Oklahoma, the lone holdout, will receive no money.

Read more at OregonLive.com.

{biztweet}foreclosure deal{/biztweet}

 

 

More Articles

10 Innovators in Rural Health

July/August 2015
Monday, July 13, 2015
BY AMY MILSHTEIN | PHOTOS BY JASON E. KAPLAN

Telemedicine, new partnerships and real estate diversification make health care more accessible in rural Oregon.


Read more...

Money Troubles

September 2015
Thursday, August 20, 2015
BY DAN COOK

The state’s angel investing fund gets hammered in Salem.


Read more...

Flattery with Numbers

July/August 2015
Friday, July 10, 2015
BY JOE CORTRIGHT

The false promise of economic impact statements.


Read more...

Is there life beyond Reed?

September 2015
Wednesday, August 19, 2015
BY GARY THILL | PHOTOS BY JASON E. KAPLAN

A storied institution climbs down from the ivory tower.


Read more...

Baby. Boom!

September 2015
Wednesday, August 26, 2015
BY LINDA BAKER

A new co-working model disrupts office sharing, child care and work-life balance as we know it.


Read more...

Ranking the airlines that fly PDX

The Latest
Friday, August 14, 2015
airlinesthumbBY JACOB PALMER | DIGITAL NEWS EDITOR

17 airlines make stops at Portland International Airport, but not all are created equal when it comes to customer service.


Read more...

Photo Log: Waterfront Blues Festival

The Latest
Thursday, July 09, 2015
bluesfestthumbBY JASON E. KAPLAN | STAFF PHOTOGRAPHER

The sweltering weather didn't keep the crowds away. Although the numbers were down slightly from last year, the Oregon Food Bank raised $850,636 to fight hunger.  About 80,000 people attended despite temperatures in the upper 90s.


Read more...
Oregon Business magazinetitle-sponsored-links-02
SPONSORED LINKS