To view our videos, you need to
enable JavaScript. Learn how.
install Adobe Flash 9 or above. Install now.

Then come back here and refresh the page.

WASHINGTON, D.C. -- The five largest mortgage lenders have reached a $26 billion settlement with 49 states over foreclosure abuses that took place after the housing bubble burst.

The settlement includes: JPMorgan Chase; Bank of America; Wells Fargo, Citigroup; and Ally Financial, which was formerly GMAC.

Federal officials say "robo-signing" is partly to blame. That's when banks rush foreclosures without reading the forms, sometimes even using fake signatures.

U.S. Attorney General Eric Holder said, "This agreement establishes significant, new homeowner protections to avoid future misconduct. It also provides substantial financial assistance to victims who borrowed. In fact, it is the largest joint state, federal, civil settlement in the history of this nation."

Mortgage lenders will now have to reduce loans for about one million American households.

New York's attorney general said homeowners here will get $136 million from the settlement.

AG Eric Schneiderman said that's the most per underwater borrower of any state in the nation.

New Yorkers facing foreclosure or service abuse qualify.

The AG warns that the relief itself will be given over a three-year period.

Borrowers will not immediately know if they are eligible. It could take the five banks between six and nine months to identify victims.

Each bank also has a hotline dedicated to this settlement. If your loan is serviced by one of the five settling banks, you are encouraged to contact your servicer.

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