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Underwater: Options When Your Mortgage Is Upside Down by Chris Lauer

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Lenders Settle with Homeowners for $25 Billion for Abuses

While homeowners struggle with mortgage lenders, they sometimes fight back over abuses that they see in the actions taken by banks. And sometimes they win!

Banks around the country faced a lawsuit from the country’s attorneys general for alleged abuses of borrowers when the housing bubble first burst. When that case was settled, many people with underwater mortgages stood to benefit from the settlement.

On February 9, 2012, the U.S. Justice Department announced that the federal government and 49 state attorneys general reached a landmark $25 billion agreement with the nation’s five largest ...

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