Federal mortgage settlement reached

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

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.

advertisement | advertise on News 12

Trending Video

1 VIDEO: Families of victim, suspect argue in Paterson court
A bacterial infection known as leptospirosis is affecting 2 Bacterial infection affecting dogs in New Jersey
News 12 New Jersey - Weather On The 3 New Jersey Weather Forecast
There were speeches, flag waving, chants of U-S-A, 4 President Trump supporters rally on Seaside Heights boardwalk
New Jersey Transit expects to operate on a 5 NJ Transit to operate on regular weekend schedule following derailment

advertisement | advertise on News 12

Features

It's good to know you have Walt Kane Kane in Your Corner

It's good to know you have Walt Kane in your corner.

News 12 takes a look at the hottest Tech Check

Eric Landskroner has a look at the latest gadgets and biggest stories in tech.

News 12 On the Scene

Check out these exclusive videos from New Jersey celebs!

Sorry to interrupt...

Your first 5 are free

Access to News12 is free for Optimum, Comcast®, Time Warner® and Service Electric℠ video customers.

Please enjoy 5 complimentary views to articles, photos, and videos during the next 30 days.

LOGIN SUBSCRIBE