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President Barack Obama is expected to discuss a recently reached housing settlement between banks and foreclosure victims during an address at the White House at 12:15 p.m. EST.
The settlement is expected to total roughly $26 billion, will be paid out to settle charges of systemic and widespread mortgage fraud, multiple sources close to the negotiations told The Huffington Post.
The Huffington Post's Loren Berlin reports on the details of the foreclosure settlement:
The deal would be the largest payout to date from banks in the wake of the financial crisis.
The settlement, 16 months in the making, could bring significant relief to those in danger of losing their homes and also much needed stability to the long-suffering housing market.
Those who already lost their home, however, would receive just the smallest fraction of the money: a one-time cash payment of about $1,800 as compensation. “Their entire lives have been turned upside down and changed," said Philip Robinson, the acting executive director of Civil Justice, a Baltimore-based nonprofit that has worked with thousands of Maryland families fighting for their homes. "Does $1,800 sound fair? Does that seem like compensation for a financial and emotional tragedy?"
Read the rest of the report here, and stay tuned for Obama's address above.