District homeowners get $40 million in foreclosure settlement

District homeowners will be eligible for $40 million from the immense foreclosure settlement with the country’s biggest mortgage banks. The settlement, worth $26 billion, will cover foreclosure abuses that occurred when the housing market went under. Irvin Nathan, the Attorney General for D.C., reported that the final settlement amount will depend on the number of people who choose to reduce and refinance their loans.

Mayor Vincent Gray reported that the homeowners who don’t receive money from the settlement will benefit from the reduction in unnecessary foreclosures.