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Questions Over Foreclosure Settlement

February 12th, 2012 by WCBC Radio

As the federal government and 49 states signed a landmark mortgage relief settlement Thursday, housing advocates and others pointed to shortcomings and raised questions about how the $25 billion plan would be able to provide relief to nearly 2 million current or former homeowners across the country.

The Baltimore Sun reports the nation's five largest loan servicers agreed to provide mortgage reductions, refinancing and other loan modification help to homeowners hurt by the housing collapse. Maryland is expected to receive nearly $1 billion, the sixth-largest share of the total amount, because it was among the states hardest hit by the wave of foreclosures, state Attorney General Douglas F. Gansler said.

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