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Transcripts For CNNW John King USA 20120209

the housing meltdown took down with it countless homeowners. in fact i m probably talk about many of you. today federal and state officials announced a $26 billion foreclosure settlement aimed at righting some of the wrong. the settlement was made with five of the nation s largest home lenders. let s bring ali velshi. what will this mean for homeowners? citi group, bank of america, wells fargo and it s $26 billion and it s going to spread out the pot this way. first of all no more robo signing home foreclosure. if you were foreclosed on you may get $2,000. if your home is underwater you could get an average of $20,000 in principal reductions as long as your loan is not with fannie or freddie or backed by them. these are private loans. the lenders get immunity from future state claims. they don t get immunity from criminal investigations. homeowners can still pursue claims against the banks even if they take either the $2000 or the $20,000 in reduction. and states still ha

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