The multi-billion dollar bank mortgage settlement could have some unanticipated consequences for borrowers in trouble. There will likely be an initial surge of foreclosures. Banks, freed from uncertainty over the investigation, will probably pick up the pace of home seizures. But the foreclosure rate will probably fall over the longer term as banks ease the burden on borrowers through principal reductions.
President Obama is touting Thursday's mortgage foreclosure settlement with big banks. Nearly two million people could benefit from the landmark settlement between states and big mortgage companies. But many homeowners and former homeowners are not too excited about the deal.
The company will instead focus on home photo printers, high-speed commercial ink jet presses and software. Other companies may license the Kodak brand for cameras, and some disposables will still be out there.
On Thursday, the federal government reached a $26 billion deal with the nation's largest banks to compensate homeowners. In Florida, where a lawyer uncovered and named the rushed mortgage-approval process, some lawyers and homeowners say technical issues and trust battles remain for courts and the banks.
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