US Reaches $25 Billion Mortgage Settlement with Top Banks

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President Obama announced today what he called "the largest joint federal-state settlement in American history." It's a $26 billion deal involving 49 states to provide relief from foreclosure abuse by five leading lenders: Bank of America, JP Morgan Chase, Citigroup, Wells Fargo and Ally Financial/GMAC Mortgage. Lorraine Woellert is finance regulation reporter for Bloomberg News.


Credits

Guest:
Lorraine Woellert - Bloomberg News

Host:
Warren Olney

Producers:
Katie Cooper, Anna Scott, Caitlin Shamberg