Feds promise tough oversight in mortgage deal

Feds promise tough oversight in mortgage deal

The government released the fine print of its landmark $25 billion mortgage settlement, and promised to closely police the banks’ pledges to bring widespread housing relief, even while letting them dodge admission of wrongdoing.

The deal, announced last month and filed on Monday in federal court in Washington, D.C., requires five major banks to help struggling borrowers to settle accusations they pursued faulty foreclosures and misled borrowers who sought loan modifications.

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