Kilmartin told The Providence Journal ( ) the settlement would reduce the mortgage principal for many homeowners and compensate people who lost their homes.
More than 40 states have agreed to the settlement, which is estimated to be worth $25 billion if all states approve it.
The five companies involved are Ally Financial, Bank of America, Citigroup, JPMorgan Chase and Wells Fargo.
The settlement stems from abuses that occurred after the housing bubble burst. Many companies that process foreclosures failed to verify documents. Some employees signed papers they hadn't read or used fake signatures to speed foreclosures.
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Information from: The Providence Journal, http://www.providencejournal.com
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