The $25 billion mortgage deal reached between the federal government, 49 states and five major banks is just the first step on the way to addressing the country's housing and foreclosure crisis, AFL-CIO President Richard Trumka said in an AFL-CIO blog.
"The banks broke the law by railroading homeowners through the foreclosure process," Trumka said. "Today's settlement provides compensation for foreclosure victims without requiring individuals to waive their legal claims."
Trumka urged President Obama to make sure investigators have "the resources necessary to address the $750 billion in negative home equity that is the result of illegal conduct by banks."
The five banks that took the deal are Wells Fargo, JPMorgan Chase, Citibank, Bank of America and Ally/GMAC.
Oklahoma did not sign on to the agreement.
Related story: US Reaches $25 Billion Mortgage Deal With States
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