WASHINGTON (AP) - President Barack Obama says a $25 billion settlement between mortgage lenders and states over foreclosure abuses "will begin to turn the page on an era of recklessness that has left so much damage in its wake."
Obama says the landmark deal between the five largest mortgage lenders and 49 states won't heal the housing market by itself. But he said: "This settlement is a start."
The Justice Department announced the agreement Thursday.
Bank of America, JPMorgan Chase, Wells Fargo, Citigroup and Ally Financial will pay the multi-billion dollar settlement to reimburse American homeowners and overhaul their industry.
The state of Oklahoma did not agree to the deal and will receive no money.
(Copyright 2012 The Associated Press. All rights reserved. This material may not be published, broadcast, rewritten or redistributed.)