When the housing bubble burst a crisis ensued as many people lost their homes. But, a $26 billion dollar agreement may be able to offer some form of relief to both current and former homeowners.
This settlement will not only hold banks accountable for foreclosure abuses, but will hopefully end the downward trend in the real estate market. Almost one million people will be able to refinance their homes at a lower rate or will have their mortgage debt reduced. Another 750,000 people whose homes were foreclosed on between September 2008 and the end of last year will recieve $2,000 checks.
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