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Delaware joins in foreclosure settlement

One day after saying he was not ready to sign onto a proposed settlement between the nation’s attorneys general and five banks over alleged foreclosure abuses, Delaware Attorney General Beau Biden announced the state will join the pact.

In a statement issued Thursday, Biden said the settlement is not perfect but is significantly better than when first proposed.

Delaware will see a benefit of more than $45 million under the settlement, including more than $32 million that banks will receive as credits for taking steps to help borrowers stay in their homes.

People who lost their homes to foreclosure would receive about $2,000 each, and the attorney general’s office would receive about $10.5 million as its share of the settlement and in exchange for releasing certain claims against the banks.