Federal, state officials reach $25B foreclosure-abuse deal
Relief may be in sight for thousands of Brooklyn residents struggling to make their mortgage payments.
Federal and state officials today announced a $25 billion foreclosure-abuse settlement with the nation's biggest mortgage lenders, including Bank of America, Citigroup, Wells Fargo and J.P. Morgan.
The banks have agreed to reduce loans for millions of homeowners. In addition, nearly one million people who were improperly foreclosed upon can expect to see $2,000 checks.