Greece and Foreclosure Agreements AnnouncedFeb 9 2012
There were many deals being agreed upon this morning. Over in Greece, it has been reported that they have finally agreed on a debt swap deal, including new austerity measures, and avoiding a near-term, very disorderly market event. The European market soared today, hitting levels it hasn't seen since December 2011.
In closer news, an agreement has been finalized with five large banks, Ally Finance, Bank of America, Citigroup, JP Morgan Chase and Wells Fargo, to settle alleged foreclosure abuses. This $26 billion deal is the largest government vs. business settlement since the tobacco lawsuits back in 1998. It's expected to include $1.5 billion in cash payments to borrowers who were foreclosed between September 2008 and December 2011, but more importantly, to help thousands of homeowners who currently have loans, but own more than their homes are worth.
Click here for more information on the Foreclosure Agreement.