Brown outlines mortgage settlement

An $8.5 billion settlement will be divided among roughly 96,000 Ohioans, including 4,000 individuals from the Mahoning Valley, after a deal last week with 10 major banks to settle claims of abusive foreclosure practices.

But U.S. Sen. Sherrod Brown said Wednesday that the deal is not nearly enough to compensate the millions of Americans who lost their homes during the foreclosure crisis.

Under the deal, those eligible for direct payments or loan modifications could receive up to $2,125.

“It’s a step forward, but obviously it’s not going to be enough,” Brown said. “This settlement is not nearly what it should have been, and our next step is to see to it that this money gets distributed the right way.”

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