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Assistant Attorney General Wade Farraway, who represented Utah in the negotiations, said talks also are ongoing with nine other banks, and he expected a settlement with them that would add to the first one.
The first five banks represent about 60 percent of loans in Utah, while the next nine are about 20 percent, he said. The final 20 percent are mostly state banks and credit unions that followed state laws in any foreclosures, Farraway said.
How the deal will affect individuals
» Five major banks will reduce loans for nearly 1 million U.S. households.
» The settlement applies only to privately held mortgages issued from 2008 through 2011
» The banks will also send checks of $2,000 to about 750,000 Americans who were improperly foreclosed upon.
» The accord will make it easier for those at risk of foreclosure to make payments and keep their homes
More information for homeowners
» Bank of America: 1-877-488-7814
» Citi: 1-866-272-4749
» Chase: 1-866-372-6901
» Ally Financial (GMAC): 1-800-766-4622
» Wells Fargo: 1-800-288-3212
» Dial 211 to reach HUD-approved housing counselors
He also said the state is pursuing criminal investigations of fraud related to the five big banks or their agents.
"There are some criminal complaints that obviously we can’t address right now that we’re investigating, " Farraway said.
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