Mortgage

The settlement between states and banks is worth $250 billion, but few homeowners benefit.

Today's $26 billion settlement between the government and five of the nation's biggest banks could free up the billions in mortgage securities they possess. But the settlement will also change many of the ways banks deal with foreclosures.

As states close in a settlement with big banks over alleged abusive home foreclosure practices, we break down how much each family will really get.

Nearly all the states and the federal government, and five of the nation's largest banks, have reportedly reached a $25 billion settlement over abusive foreclosure practices. Around 750,000 victims of foreclosure fraud will get checks for just about $1,800.

As a potential deal between states and big banks nears over abusive foreclosure practices, we check in with Gallup to see how worried homeowners are about the future.

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.

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.

I have the opportunity to refinance from 5-1/4 percent to 4-1/4 percent. The savings will be $249 a month, which we really need because we probably will need a new car next year. The payback for the closing costs (rolled into the refi) would take 2 years. However, there is a small chance we could be moving due to my job before 2 years. Should I take the lower rate to get the monthly savings or find the money for the car elsewhere? My wife's and my credit scores are high -- about 800. (Yes, Tess, I checked FICO per your constant reminding on the show.) Eric, Ringwood, NJ

President Obama announces a new program to help eliminate what he calls a stubborn drag on the economy.

The president wants to make it easier for homeowners to refinance their mortgages.