The final details were supposed to be due out this week in the $26 billion settlement to help struggling homeowners and settle charges of abusive and negligent foreclosure practices according to the HUDs top guy. Three weeks ago it was announced that 49 states had agreed on a deal with the five largest banks providing relief to homeowners who were victims of improper foreclosures (remeber ROBOSIGNING?) dating back to 2008. The relief would come in the form of principal reductions, mortgage refinancings and small payouts.

Details have been scant and the typical legal Washington rhetoric has been plentiful and now they have moved the target release to next week as they "dot the i's and cross the t's". You have to wonder why they didn't get this all worked out in advance of announcing it but, hey, that's what happens when numerous state and Federal agencies plus the 5 largest banks being penalized (JPMorgan Chase, Bank of America, Wells Fargo, Citigroup and Ally Financial-formerly GMAC) are involved.

The banks have committed $26 billion to help underwater homeowners and compensate those who improperly lost their homes. The banks also agreed to change the way they handle and approve foreclosures. Up to 1 million homeowners could see their principal reduced by up to $20,000, while another 750,000 could be able to refinance loans. Payments up to $2,000 will be made to those who lost their homes to foreclosure over the past three years.