White House officials working with state attorneys general finalized an agreement Thursday with five major banks over improper foreclosure practices.
The five banks, Bank of America, Citigroup, J.P. Morgan Chase, and Wells Fargo, handle 27 million home loans, just over half of all outstanding mortgages.
Officials say the deal will provide immediate relief to about one million homeowners, and raise accountability standards for banks that help all homeowners who are at risk of foreclosure. At 26 billion dollars, it's the largest government industry deal in over two decades.
- Colin Barr, Wall Street Journal banking editor
This segment aired on February 9, 2012.