A settlement has been reached between state attorneys general and five major banks, but the problems of the housing market in the U.S. are far from over.
The Obama administration and nearly every U.S. state are reportedly ready to settle for $26 billion with five of the country's largest banks over allegations of abusive foreclosure practices.
Monday is the deadline for states to sign onto a settlement with the nation's largest banks over abusive foreclosure practices. The deal would reportedly force banks to pay billions of dollars to people who lost their homes.
National State Attorneys General Program Director James Tierney discusses why it has taken so long to reach a multi-state settlement with big banks over shady foreclosure practices during the housing crisis.