$25B settlement reached over foreclosure abuses

By The Associated Press

JACKSON — Attorney General Jim Hood says Mississippi’s share of the landmark settlement with the nation’s top mortgage lenders should be about $47.1 million.

The national $25 billion settlement between the lenders and 49 states was announced Thursday. It involved the nation’s five largest mortgage servicers over foreclosure abuses and fraud, and unacceptable nationwide mortgage servicing practices.

Hood says the settlement provides an estimated $47.1 million in direct relief to Mississippi homeowners and addresses future mortgage loan servicing practices.

Hood says the settlement also puts a stop to many of the bad behaviors that contributed to the mortgage mess across the country.