After a year of talks and little action, government officials have worked out a potential $26 billion settlement with the nation's top five banks, the New York Times reported. The agreement could provide relief for up to two million Americans who have had their homes foreclosed on since September 2008; it totals up to $1,500 to $2,000 per borrower. The five banks involved—Ally Financial, Bank of America, Citigroup, J.P. Morgan Chase, and Wells Fargo—collectively handle 27 million mortgages. Although this move is a good way to help hurting homeowners, bigger problems with the process need fixing. “If you don’t do something to help the foreclosure process, it’s not going to help the housing market,” said Christopher J. Mayer, a housing expert at Columbia Business School.
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Chart of the Day
At 27, Mark Zuckerberg is the richest person in the world when his net worth is adjusted for his age. The only other people on Forbes richest list under 40 are Larry Page and Sergey Brin, the co-founders of Google.
Reason to Get Out of Bed in the Morning
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