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Mortgage Settlement Explained

Posted: $util.date("h:mm a MMM d, yyyy",$story.contentLiveDate,$timeZone)
Reporter: Todd Baucher

A settlement involving attorneys general in West Virginia, Ohio and several other states...is designed to give financial relief to homeowners struggling to avoid foreclosure.

Representatives of the West Virginia Attorney General's office explained the settlement to Wood County homeowners Thursday.
Through the settlement, the state has nearly $34 million to help struggling homeowners.

"And even though only five banks have signed on, the changes they've agreed to make will affect the entire industry," said Assistant Attorney General Norman Googel. "We view the changes these five banks have agreed to make as a model for all mortgage services."

The settlement was with four banks: Bank of America, Citi, Wells Fargo and Ally.

It's the largest financial recovery since the 1998 tobacco settlement.

To find out more about the settlement go to the "Hot Button" on our home page.