Will the President's Announcement About A Settlement with Five Major Banks Solve the Mortgage Crisis?
Good morning, welcome to Radioactivity. I'm Rob Lorei. Last Thursday a record $25 billion settlement was announced between the government and five big U.S. banks accused of abusive mortgage practices.
Checks of up to $2,000 each are expected to reach 750,000 households who lost homes through the foreclosure process between 2008 and 2011.
As part of the deal, the banks also agreed to cut the amount of principal owed by homeowners and provide lower-interest rate loans to the tune of $17 billion for borrowers who are behind on their payments and who are at risk of foreclosure.
A further $3 billion is on tap to help homeowners who are current on their mortgages but are unable to refinance because they owe more than their homes are worth. We have three guests today: Paul Kiel is an investigative reporter with ProPublica and has been covering the mortgage crisis for seevral years. Also here are Walter Walker and Xiomara Mewa who are with the non-profit Housing and Education Alliance in Tampa.
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