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State AG: JPMorgan settlement will help homeowners
ALBANY State Attorney General Eric Schneiderman announced Wednesday how a $13 billion settlement could help homeowners.
On Wednesday, a major settlement with JPMorgan Chase was announced. The bank bundled mortgages into securities knowing they didnt meet certain standards in the years leading up to the 2008 financial collapse. The government says those bad business practices cost investors a lot of money.
Portions of the settlement will go towards land banks, which have been developed in New York State to make it easier for banks to buy up abandoned homes.