State and federal authorities held a press conference Thursday to announce a $25 billion settlement with the five largest mortgage servicers, and provided key details on how the money was being distributed and the amounts each institution is expected to pay.

Overall, officials say the total package includes $10 billion for principal reductions; $3 billion to help underwater borrowers refinance into cheaper loans; $7 billion for other forms of relief such as payment forbearance for unemployed borrowers; and $5 billion in cash payments to both individual states and the federal government.

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