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The adminstration announced $26 billion settlement between the federal government, state attorneys general and the five biggest banks in the mortgage market: Ally Financial , Bank of America, Wells Fargo, JP Morgan and Citigroup $5 billion in cash payments, including $1.5 billion to borrowers who were wrongly or illegally foreclosed on between September 2008 and December 2011. Borrowers could receive up to $2,000, depending on the number filing claims. $20 billion in "credits" the banks will receive for principal write-downs and other aid to homeowners at risk of default, up to $20,000 per. This tally includes $3 billion for refinancing of mortgages currently under water.WSJ