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Originally posted on CBS Sacramento:
SACRAMENTO, Calif. (AP) — California should receive at least $20.6 billion from a settlement with the nation’s major mortgage lenders, the largest share of any state and about $2 billion more than expected when the agreement to assist homeowners was announced last year, according to a report released Thursday.
The money from five banks will help an estimated 175,000 California homeowners struggling with their mortgages.
The overall $42 billion settlement covers every state except Oklahoma, which struck its own agreement with the lenders. The national Office of Mortgage Settlement Oversight announced the state-by-state breakdown.