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The Boston Globe

Business

Boston Capital

Shrinking the foreclosed real estate glut

The $25 billion mortgage settlement between five leading lenders and the attorneys general of most states is good news for a lot of people. But it isn’t going to fix the nation’s residential real estate mess.

That mess - millions of homeowners underwater on their mortgages, a stagnant residential sales market that lacks buyers and a clog of foreclosed property - can’t be cleaned up with any single plan or settlement.

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