Will the settlement money be enough?

David Brancaccio Feb 9, 2012

Back to the numbers on this expected settlement with banks over bad foreclosures.

$26 billion is quite a figure, but it may not seem so big when you break it down.

Under the plan, about a million people will owe less on their mortgage. Beyond that, three-quarters of a million people who already lost their house will eventually get a check for about $2,000.

We checked and that does cover moving expenses, kinda, sort of. According to some online cost-of-moving calculators, two grand might just cover the cost of moving a tiny condo across my town in the East.

Moving a three-bedroom house from, say, New Jersey to Wichita costs about four times the settlement money.

We’re here to help you navigate this changed world and economy.

Our mission at Marketplace is to raise the economic intelligence of the country. It’s a tough task, but it’s never been more important.

In the past year, we’ve seen record unemployment, stimulus bills, and reddit users influencing the stock market. Marketplace helps you understand it all, will fact-based, approachable, and unbiased reporting.

Generous support from listeners and readers is what powers our nonprofit news—and your donation today will help provide this essential service. For just $5/month, you can sustain independent journalism that keeps you and thousands of others informed.