Dieppa Law BlogForeclosure settlement brings possibility of principal reductions
Five major banks and the U.S. Government reached an agreement worth as much as $26 billion. The banks agreed to streamline foreclosures, provide principal reductions, and stop abusive practices by the lenders.The following banks are participating: Ally Financial Inc., Bank of America Corp., Citigroup Inc., J.P. Morgan Chase & Co and Wells Fargo & Co.