What does the new refinance deal mean?

The Attorney General and five of the nation's largest banks struck a deal Thursday that will allocate about $25 billion for mortgage refinancing and foreclosure relief, as I reported in my story today.

With nearly 45 percent of all Floridians underwater on their mortgage, or owing the bank more than their property is worth, the question on everybody's mind is what this means for them. I believe I can help.

The settlement is broken into several different components. The first is a $2,000 relief payment, somewhat like a class-action lawsuit, to those who lost their home to foreclosure between 2008 and 2011 -- when the widely-reported lender abuses were at the highest. This will affect about 85,000 Floridians, according to the Department of Housing and Urban Development.

Also, the many area homeowners falling behind on their payments may be able to qualify for a principal reduction or a loan modification, with $7.6 billion earmarked for that effort in the Sunshine State. Those owe more than what the home is worth also could refinance at a historically low interest rates, which hit 3.85 percent for an average 30-year fixed mortgage this week.

Only California will see a greater share than the $8.4 billion set aside for Florida. The banks outlined in the deal include: Bank of America, Wells Fargo, JP Chase, Citigroup and Ally Financial.

Contact your lender or HUD if you think you may qualify for assistance.

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Baseball spring training is just around the corner, which means an economic boon for many businesses across the Manatee area. Click here for more.

I already have my tickets for the Yankees-Pirates game at McKechnie Field. I have never been to the Bradenton ballpark before, and it's original 1923 building date was pretty alluring for me. I guess you could call it the Fenway Park of the South.


Which spring training game are you headed to this year?


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