Federal mortgage settlement reached

EDISON - A landmark settlement has been reached between state and federal governments and the nation's largest mortgage companies.

The money reached in the deal will now be used to help American homeowners in foreclosure or in danger of being foreclosed.

Around $830 million has been earmarked for New Jersey and the majority of that money will go toward loan term modifications and helping residents refinance their homes. The lawsuit hopes to put an end to abusive foreclosure practices.

Banks included in the settlement are Wells Fargo, Bank of American, Ally Financial, J.P. Morgan Chase, and Citigroup.

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