Deadline Closes In For Mortgage Relief Settlement
RENEE MONTAGNE, HOST:
NPR's business news begins with possible mortgage relief.
Close of business today, that's the deadline for states to sign on to a settlement that would help underwater homeowners – that is, people who owe more on their home than it is worth. Abuses on foreclosures by several big banks set into motion the settlement. If states agree to the deal, it could mean a settlement of up to $25 billion. It would be used for aid to people who have dealt with foreclosure or are at risk of being foreclosed. Transcript provided by NPR, Copyright National Public Radio.