Amen. But don’t start spending that $8.4 billion just yet – not all Florida homeowners will get that money directly, as in, say, a class action suit. Instead, Florida borrowers will receive $7.6 billion from loan modifications, which includes principal reduction.

Additionally, those homeowners who suffered foreclosure abuses in the process of losing their home from Jan. 1, 2008 through Dec. 31, 2011 will be eligible for a check out of a pool of approximately $170 million.

It is estimated that the value of “underwater” loans that are refinanced is $309 million. The agreement includes a cash payment to the state of Florida of $350 million. The settlement is backed by a federal court order filed in U.S. District Court in Washington, D.C., and will be monitored by an independent auditor.

All of this comes as a result of a giant civil law enforcement investigation that involved state banking regulators as well as state attorneys general.

“These practices were plainly irresponsible and we refused to let them go unanswered,” President Obama said of the landmark agreement. “This settlement is a start. We’re going to make sure that the banks live up to their end of the bargain.”

It will take three years to fully realize all facets of the agreement.

“In some cases participating mortgage servicers will contact borrowers directly regarding loan modification options,” said Bondi’s release. “However, borrowers should contact their mortgage servicer to obtain more information about specific loan modification programs and whether they qualify under terms of this settlement or other available programs.”

For more information on the proposed foreclosure abuses agreement:

By: Mark Christopher/Sunshine Slate

Photos (L-R): Images_of_Money, AR McLin

foreclosure abuses