Florida wins rare promise in landmark $8.4 billion foreclosure settlement

Florida held out until the eleventh hour in the landmark $25 billion foreclosure settlement talks this week and captured a special monetary guarantee awarded only to Florida and California.

While the other states that signed on to the historic deal with the nation’s five largest banks were given estimates of how much homeowners may benefit, Florida won a promise of $4 billion in principal reductions, loan modifications and refinances for underwater borrowers from Bank of America, Wells Fargo and JPMorgan Chase.

Florida’s total haul is $8.4 billion. That includes estimates of small cash awards to some residents who lost homes to foreclosure, short sale requirements, and refinances and loan modifications from Citigroup and Ally Financial – the two other banks involved in the national deal.

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