The dust is beginning to settle after the federal government and 49 states agreed to settle with five banks over allegations of fraudulent foreclosure documents. The deal will pay homeowners who lost their homes some money and will allow people facing foreclosure the opportunity to have the interest or the principal lowered on their mortgages. But how much impact can that make? And will it only speed up the process of getting more homes onto the market, which will push prices even lower?
State and federal officials across the country have announced a $26 billion settlement to charges that major banks acted carelessly and fraudulently in foreclosing on millions of homeowners across the country. Nevada Attorney General Catherine Cortez Masto had been reluctant to join but did include Nevada at the very end of marathon negotiations.