LAS VEGAS (AP) – Senate Democratic Majority Leader Harry Reid says Nevada homeowners victimized by foreclosure abuses could reap about $1.5 billion from a sweeping settlement with the nation’s biggest mortgage lenders over foreclosure abuses.
Reid made his comments on the Senate floor Thursday.
Reid says in a statement that he knows more is needed to help homeowners get back on their feet, but he’s confident the deal will bring relief to mortgage holders in Nevada and across the nation.
Nevada is among 49 states joining the settlement. Only Oklahoma didn’t join.
The agreement gives Bank of America, JPMorgan Chase, Wells Fargo, Citigroup and Ally Financial three years to reduce loans for nearly 1 million households. About 750,000 homeowners who were improperly foreclosed upon will get $2,000 checks.
Copyright 2012 The Associated Press.