Florida gets $8.4 billion in foreclosure settlement

The U.S. has reached a $26 billion settlement with banks nationwide involving foreclosure practices, of which Florida will get $8.4 billion, the Palm Beach Post reported. The settlement was announced by U.S. Attorney General Eric Holder. “Our investigations revealed disturbing practices, servicers who pushed borrowers into foreclosure even though federal regulations required them to try other foreclosure alternatives first,” Holder said at a press conference this morning. “This fueled the downward spiral of our economy and communities nationwide.” Of the settlement, $17 billion will go to underwater homeowners to reduce principals. Florida’s share includes $7.6 million in benefits from loan modifications, principal reductions and other relief. [Palm Beach Post]