California News

Feb 21, 2013 10:45 AM by Associated Press

California to get another $2-billion in mortgage settlement

SACRAMENTO, Calif. (AP) - A new report says California will receive a larger share of a previously announced settlement with the nation's major mortgage lenders, allowing it to help more troubled homeowners.

The state is expected to get at least $20.6 billion, roughly $2 billion more than projected when the settlement with the five largest banks was announced a year ago.

Thursday's report, released by the national Office of Mortgage Settlement Oversight, says the settlement is helping about 175,000 California borrowers.

Nearly 100,000 of them are getting reductions in the amount they owe on their home loans or an outright forgiveness of their loans.

Most of the rest of the money is going to about a third of the borrowers who completed short sales or deeds in lieu of foreclosure.

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