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States, banks reach landmark mortgage settlement

Published 02/09/2012, AP Real Estate Writer

Five major banks — Bank of America, JPMorgan Chase, Wells Fargo, Citigroup and Ally Financial — will pay roughly $26 billion to reimburse American homeowners and overhaul their industry. The nationwide settlement stems from abuses that occurred after the housing bubble burst. It would force the five largest mortgage lenders to reduce loans for about 1 million households.

Word count: 840

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