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LA Getting Big Chunk of Mortgage Settlement

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Government officials and five big banks have finally reached an agreement on "a $26 billion settlement that could provide relief to nearly two million current and former American homeowners harmed by the bursting of the housing bubble," reports the New York Times. According to the LA Times, California is set to receive the most money ("$12 billion in principal write-downs" with the potential for up to $18 million), with LA County getting $3.92 billion. [NYT, image via/LAT]