After $8.5 Billion Settlement, Millions of Homeowners Will Receive Relief
In light of a recent $8.5 billion settlement between federal bank regulators and 10 big banks, 3.8 million homeowners can expect to get a check in the mail. The agreement, announced Monday, calls for $3.3 billion in direct payments to eligible homeowners – people who had home loans with one of the 10 banks in the agreement and who were in some stage of foreclosure in 2009 and 2010. Another $5.2 billion is set aside for other forms of relief to homeowners, including loan modifications.