Md. to get $960M in foreclosure settlement
Photographer: AP Graphics Bank
Posted: 02/09/2012
ANNAPOLIS, Md. -
A spokesman for the Maryland attorney general says the state will receive $960 million as part of a 49-state mortgage foreclosure settlement.
Alan Brody, a spokesman for Attorney General Doug Gansler, said news conferences have been scheduled in\ Hyattsville and in Baltimore this afternoon to announce more details.
Brody says the money will provide immediate relief to homeowners in need of assistance. He also notes that the large size of Maryland's share of the settlement illustrates the many instances of foreclosure in the state.
Under the settlement, five major banks including Bank of America, JPMorgan Chase, Wells Fargo, Citigroup and Ally Financial will pay roughly $26 billion to reimburse American homeowners and overhaul their industry.
Copyright 2012 The Associated Press. All rights reserved. This material may not be published, broadcast, rewritten or redistributed.
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