RI to get $172M to assist homeowners

PROVIDENCE, R.I. (AP) - Rhode Island is expected to receive $172 million from a national settlement with the country's largest mortgage lenders over foreclosure abuses.

U.S. Sen. Jack Reed announced the figure Thursday. Reed, a Democrat, said most of the money will go to assist homeowners who are in danger of losing their homes.

Individuals who lost their homes through improper foreclosures will receive $2,000 checks.

Forty nine states and the District of Columbia have agreed to the $25 billion settlement with five major banks -- Bank of America, JPMorgan Chase, Wells Fargo, Citigroup and Ally Financial.

Reed, a Democrat, says the settlement is positive, but he says more must be done to help responsible homeowners facing the threat of foreclosure.