By Jon Keller

BOSTON (CBS) – Attorney General Martha Coakley has signed a new settlement that could help thousands of homeowners in Massachusetts.

Read: Settlement Details

Under the agreement, five major banks — Bank of America, JPMorgan Chase, Wells Fargo, Citigroup and Ally Financial — will reduce loans for nearly 1 million households.

The deal will give some homeowners delinquent on their mortgage payments and other homeowners underwater with their mortgagees a piece of more than $300 million in assistance.

The deal was made to avert more foreclosures.

Coakley recently sat down with WBZ’s Jon Keller to discuss the settlement and other issues.

Watch Part 1:

Watch Part 2:

“We intend to be very firm to make sure this is implemented,” said Coakley.

For more information about specific loan modification programs and whether they qualify under terms of the state-federal settlement, contact the appropriate lenders:

  • Bank of America: 1-877-488-7814
  • Citi: 1-866-272-4749
  • Chase: 1-866-372-6901
  • GMAC: 1-800-766-4622
  • Wells Fargo: 1-800-288-3212

Additional information can be found on the state-federal settlement at the websites below:

You can listen to Keller At Large on WBZ News Radio every weekday at 7:55 a.m. and 12:25 p.m. You can also watch Jon on WBZ-TV News.

Comments (7)
  1. BostonIrish says:

    Jon, I hope for those that really do need the help that they qualify under this new settlement. In my town there are many houses and businesses that are empty. Unoccupied. Dragging down property values further. I hope this changes within a year or so, but I’m not counting on it.

  2. petem says:

    Although I don’t think the settlement is even close to enough to begin to cover some of the damage done to the economy by these and other banks, it is a start. I hope that the real benefit we see from this is that the practices they used will become more well known and visible to the majority of consumers who haven’t gotten the real story due in large part to the undue influence the big banks have on our government and on the media, both of whom have done a miserable job enforcing the laws and asking the questions that should have been asked. My Dad was a journalist for 40+ years in the Boston area and would be disgusted with his peers at this point in history.

  3. dalecalvertz says:

    Homeowners who are underwater in their mortgages may be able to refinance at today’s low interest rates without having to appraise out thanks to new rules see your refinance rate at “Official Refinance”

  4. Willow says:

    Why did it take so long to get this help when thousands of families have already lost their homes. It’s a tragedy and a disaster what has been done to the housing market in this country. I’m not sure refinancing a few mortgages will is the answer, but it can’t hurt the many people who are still in danger of losing their homes. Too bad it’s too late for many of our own family members. I still haven’t seem any charges brought against the ones who caused this mess.

    1. The Owl says:

      Ask Obama that question.

      This agreement is a slap on the wrist, and a give-away of the state’s right to address the fraud, deceit, theft, and conspiracies to defraud perpetrated by the banks an brokers.

      Sorry. I think this agreement stinks,

  5. Jesse says:

    when you take into account how many mortgages were with the top 3 banks on the list,it will amount to a little more than a couple of hundreds of dollars per household! It will take more than that to save my home. This is pathetic and the only ones making out on this are the attorneys involved now, big fat paychecks i am sure. California just did the saem thing and it was less than $200 with the number of claimants involved.

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