More U.S. States to Join Foreclosure-Abuse Deal

By: Derek Kravitz, Associated Press
By: Derek Kravitz, Associated Press

Washington, D.C. (AP) - Arizona and Florida will join a nationwide settlement over foreclosure abuses, officials with direct knowledge say. They will join more than 40 other states in approving a deal to provide relief for many Americans who lost their homes or can't afford their mortgages.

Formal announcements could come within a week, according to the officials, who spoke on condition of anonymity because they weren't authorized to discuss the settlement publicly.

Arizona and Florida's involvement buoys hopes that a full 50-state deal is imminent.

The settlement would give some money to homeowners who unfairly lost their homes to foreclosure during the housing crisis. Many companies that process foreclosures failed to verify documents. Some employees signed papers they hadn't read or used fake signatures to speed foreclosures -- an action known as robo-signing.

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