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Federal Officials Announce Billions In Foreclosure Relief For Homeowners

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CNN.com is reporting that federal and state officials on Thursday announced a $26 billion foreclosure settlement with five of the largest home lenders. Most of the relief will go to those who owe far more than their homes are worth, which is known as being underwater on the loans.

That relief will come over the course of the next three years, with the banks having incentives to provide most of the relief in the next 12 months.

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