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Deadline Closes In For Mortgage Relief Settlement

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Deadline Closes In For Mortgage Relief Settlement

Business

Deadline Closes In For Mortgage Relief Settlement

Deadline Closes In For Mortgage Relief Settlement

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States have until close of business Monday to sign on to a settlement that would help underwater homeowners. If states agree to the deal, it could mean a settlement of up to $25 billion. It would be used for aid to people who have dealt with foreclosure or are at risk of it.

RENEE MONTAGNE, HOST:

NPR's business news begins with possible mortgage relief.

(SOUNDBITE OF MUSIC)

MONTAGNE: Close of business today - that's the deadline for states to sign on to a settlement that would help underwater homeowners – that is, people who owe more on their home than it is worth. Abuses on foreclosures by several big banks set into motion the settlement.

If states agree to the deal, it could mean a settlement of up to $25 billion. It would be used for aid to people who have dealt with foreclosure, or are at risk of being foreclosed.

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