Principal reduction plan for struggling homeowners could be part of settlement between lenders and states

Florida homeowners facing foreclosure could see their debt reduced by banks under a proposal being negotiated this week by state attorneys general.

In return for cutting loan balances, banks would pay less in penalties for foreclosure and mortgage-related wrongdoing.

The principal reduction plan, which is being discussed as part of a settlement agreement between lenders and states, would accompany a second program that would provide funding to states to pay for their own foreclosure-rescue activity.

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