UPDATE 2-US states near foreclosure deal with banks | Reuters
Under the proposed terms of the settlement -- which could total $25 billion -- banks would get a broader relief from potential state civil lawsuits in exchange for refinancing underwater loans, those mortgages where borrowers owe more than their homes are worth, the sources said.
The deal could provide some relief to the battered U.S. housing market and clear up some uncertainty about banks' legal exposure that has been a drag on their shares.
Banks have been holding out on a multi-billion-dollar settlement because they wanted broader legal protection than state attorneys general were prepared to offer.
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Is anybody but me sick and tired of all the solicitude about these predatory banks and their precious stock prices? They plunged this economy into a depression. When are some of these bank CEOs going to be frog-marched down the steps and into a police car?
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