$10B Foreclosure Settlement for Banks

    A Century 21 Real Estate LLC "Foreclosure" sign hangs outside a home in Peoria, Illinois, U.S., on Thursday, Oct. 18, 2012. The National Association of Realtors is scheduled to release existing homes data on Oct. 19. Photographer: Daniel Acker/Bloomberg via Getty Images

    Daniel Acker / Bloomberg via Getty Images

    That ain’t no chump change. The New York Times reports that federal regulators and 14 major banks have reached a $10 billion settlement in the foreclosure-abuse case: $3.75 billion will be cash relief to those Americans who dealt with foreclosure in 2009 and 2010; $6 billion will be funneled toward homeowners in danger of losing their homes after falling behind on payments. The deal was almost held up by a demand of an additional $300 million to cover their role in the financial crisis, but that fell through. Another bright side of the deal: the end of a review of millions of loan files.

    Read it at The New York Times