Obama: Mortgage Deal Turns Page on Reckless Era

By: Associated Press Email
By: Associated Press Email

WASHINGTON (AP) - President Barack Obama says a $25 billion
settlement between mortgage lenders and states over foreclosure
abuses "will begin to turn the page on an era of recklessness that has left so much damage in its wake."

Obama says the landmark deal between the five largest mortgage
lenders and 49 states won't heal the housing market by itself. But he said: "This settlement is a start."

The Justice Department announced the agreement Thursday.

Bank of America, JPMorgan Chase, Wells Fargo, Citigroup and Ally
Financial will pay the multi-billion dollar settlement to reimburse
American homeowners and overhaul their industry.

The state of Oklahoma did not agree to the deal and will receive no money.

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