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Banks Still Looking for Closure
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The $26 billion U.S. mortgage settlement of Feb. 2012 between state attorneys general and the banks
02/09/2012
An estimated $17 billion of this would go to homeowners. Experts say this is good for the banks by reducing legal uncertainty and for attorneys general of states, but it is likely to do too little to significantly change the difficult situation in the housing market. This is because there is an estimated total of $700 billion in negative equity that 11 million homeowners under water have in the housing market, according to Capital Economics in London cited by Morgan Gretchenson in the New York Times, Feb. 12, 2012. The 17 billion is about 2.4% of this total.
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