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Deal Sends $1.5 Billion to S.D.

San Diego Union-Tribune -- California is set to get $18 billion in a historic, multistate deal with the nation’s largest lenders over foreclosure abuses, the state attorney general’s office said Thursday. Of that amount, San Diego will receive about $1.5 billion in the long-awaited settlement that’s second only to the massive tobacco-industry deal struck in the 1990s.

... University of San Diego real estate professor Norm Miller said the deal will help some, but not all, homeowners.

“I don’t think this is any panacea that will address the real problems in the housing market,” Miller said. “Most mortgages are held by Fannie Mae and Freddie Mac, but they aren’t affected by this settlement, which is kind of unfair.” (Full Story)