It's the biggest multi-state settlement since the historic tobacco agreement in 1998. Five banks have agreed to pay $25 billion to 49 states. It was their alleged deceit on foreclosures that triggered the deal and the cash will be used to help homeowners. YNN's Josh Robin has the details.

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UNITED STATES -- "It's been hard. It's been tough. It's a struggle."

A home is supposed to be a refuge. For Durrant McKie, it's a burden. Tough circumstances have forced him to miss a year's mortgage payments. But the 55-year-old Queens man can't sell. He is what's called underwater.

"The statement from the city says it's worth $240,000. And what I owe on it is over $335,000," McKie said.

Thursday came word some relief may be on its way for up to two million Americans rocked by the burst housing bubble. The nation's largest mortgage providers will pay homeowners in every state but Oklahoma, resolving allegations of foreclosure abuse.

"We are using this opportunity to fix a broken system and to lay the groundwork for a better future," said U.S. Attorney General Eric Holder.

Financial shares were mixed, but some cheered the settlement as an end to month-long ambiguity.

Still, state Attorney General Eric Schneiderman stressed the deal doesn't hamstring him from hitting banks with other mortgage related charges.

"We have preserved our rights to go after all criminal and civil liability that created the housing bubble and crash in the first place," Schneiderman said.

That right was a key reason why Schneiderman held out, delaying a deal by months and giving him national exposure. A long-awaited handshake further burnishes his image and others.

President Obama trumpeted the bipartisan breakthrough.

"We can't wait to get things done and to provide relief to America's homeowners. We need to do everything we can to help homeowners and our economy," Obama said.

Statewide, six percent of borrowers are like McKie are underwater. It's particularly a problem in Southeast Queens and in parts of the Rockaways, where sometimes the effects of the housing crisis are hard to miss.

McKee could qualify for about $1,100, a start.

After learning of the settlement, he called Schneiderman's office.

"Help is going to come through. I'm hopeful for that," McKie said.