Ocwen Financial Corp. will reduce struggling borrowers’ loan balances by $2 billion in an agreement with federal regulators and 49 states over foreclosure abuses.
Romney negotiated a $10 million federal bailout for his company, but has called for foreclosures to be allowed to “hit bottom” and letting Detroit go bankrupt.
The number of Americans at risk of foreclosure is declining, as more homeowners climb out of debt and find steady work.
U.S. states have reached a $25 billion deal with the nation’s biggest mortgage lenders over foreclosure abuses that occurred after the housing bubble burst. Take a look at each state’s breakdown.