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While the $25 billion foreclosure settlement announced on Thursday is a landmark multi-state deal, it is just a "drop in the bucket" that will help residents of some states more than others, housing advocates say.
The five biggest mortgage servicers, JPMorgan Chase, Citi, Ally Financial, Wells Fargo and Bank of America, have settled, but more could potentially join later. Under the deal, signed by 49 state attorneys general, 750,000 people could receive checks under the plan, and another 1 million could see the size of the mortgage reduced.
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