President Obama hailed a landmark deal struck Thursday with the nation’s largest banks over alleged foreclosure abuses, arguing it would help millions of people dealt a blow by the sagging housing market.
Under the agreement reached on Thursday, large banks—including JP Morgan Chase, Bank of America and Citigroup—are expected to pay approximately $26 billion to cover refinancing costs for homeowners and reimburse homeowners for shoddy foreclosure practices.
“These practices were plainly irresponsible and we refused to let them go unanswered,” Obama said at the White House, standing before Attorney General Eric Holder and Housing Secretary Shaun Donovan, who helped guide the settlement. “This settlement is a start. We’re going to make sure that the banks live up to their end of the bargain.”
To read more on Obama's announcement, click here.
