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Published on Aug 2, 2012
After many months of negotiation, 49 state attorneys general and the federal government have reached agreement on a historic joint state-federal settlement with the country's five largest loan servicers: Ally/GMAC, Bank of America, Citi, JPMorgan Chase, and Wells Fargo. This bipartisan settlement will provide as much as $25 billion in: relief to distressed borrowers in the states who signed on to the settlement and direct payments to signing states and the federal government.