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Last year, US State and Federal Attorney Generals and the US Department of Justice and the Department of Housing and Urban Development, settled with 5 major US Bank lenders to pay out $25 billion to borrowers who lost their homes due to bank foreclosures between January 1, 2008 and December 31, 2011. The lenders have also agreed to refinance loans to borrowers who retained their homes but were left with “negative equity” i.e. where their loans exceeded the value of their property.

The settlement achieved last year, involved claims having to be lodged by 18 January, 2013, although some extensions may be allowed in certain cases.