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Foreclosure is the process of taking back property (often real property, such as a house) that was bought with borrowed money because the borrower is not able to pay back the money as agreed.

In February 2012, the US federal government came to a $25-billion settlement with five banks: Ally Financial Inc., Bank of America Corp., JPMorgan Chase & Co., and Wells Fargo & Co. Many companies had processed foreclosures without confirming documents.

The agreement will reduce mortgage loans for only about a million of the 11 million Americans who owe more than their homes are worth.(= negative equity)