WASHINGTON, D.C. – July 23, 2012 – (RealEstateRama) — On February 9, 2012, the Justice Department announced that the federal government and 49 state attorneys general reached a $25 billion agreement with the five largest mortgage servicers in America, to address mortgage loan servicing and foreclosure abuses. While the majority of the settlement funds will go to various forms of relief provided directly to borrowers, $2.5 billion may be used by state governments to fund foreclosure prevention services including housing counselors, legal aid and other similar public programs as determined by the state attorneys general.
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