California to receive larger share of mortgage deal

SACRAMENTO, Calif. -

?A new report says California will receive a larger share of a previously announced settlement with the nation's major mortgage lenders, allowing it to help more troubled homeowners.
? The state is expected to get at least $20.6 billion, roughly $2 billion more than projected when the settlement with the five largest banks was announced a year ago.
? Thursday's report, released by the national Office of Mortgage Settlement Oversight, says the settlement is helping about 175,000 California borrowers.
? Nearly 100,000 of them are getting reductions in the amount they owe on their home loans or an outright forgiveness of their loans.
? Most of the rest of the money is going to about a third of the borrowers who completed short sales or deeds in lieu of foreclosure.

Source: http://www.kesq.com/cbs/California-to-receive-larger-share-of-mortgage-deal/-/10886692/19016292/-/12a7ghnz/-/index.html

derek jeter