About 1 million homeowners may get mortgage write-downs

WASHINGTON – Jan. 19, 2012 – About 1 million homeowners would get write-downs in the size of their mortgages under a proposed deal with banks over shady foreclosure practices, Housing and Urban Development Secretary Shaun Donovan said Wednesday.

The deal, which could be reached within weeks, would mark the largest cut in the mortgage load since the start of the credit crisis.

“We’re very close to a settlement that would both fix the servicing problems, but also help over a million families around the country stay in their homes and get help,” Donovan said at a U.S. Conference of Mayors meeting in Washington.

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