February 9, 2012 / 2:56 PM / in 6 years

California to get $18 billion under mortgage deal

(Reuters) - California’s attorney general said on Thursday her state will receive up to $18 billion in benefits under a federal-state mortgage settlement to be announced later today.

U.S. Attorney General Eric Holder (R) and U.S. Housing and Urban Development Secretary Shaun Donovan (at podium) announce February 9, 2012 in Washington that the federal government and 49 state attorneys general have reached a $25 billion agreement with the nation's five largest mortgage servicers to address mortgage loan servicing and foreclosure abuses. REUTERS/Gary Cameron

More than $12 billion will be used to cut mortgage debt for California’s distressed homeowners and help with short sales, Attorney General Kamala Harris said in a statement.

U.S. Justice Department officials are expected to announce a $26 billion deal at 10 a.m. EDT (1500 GMT) on Thursday.

Reporting By Aruna Viswanatha; Editing by Gerald E. McCormick

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