AP News

News Summary: 10 banks paying $8.5B for abuses


PAYBACK: Ten major banks agreed to pay $8.5 billion to settle federal complaints that they wrongfully foreclosed on homeowners who should have been allowed to stay in their homes.

END OF STORY: The settlement ends a process of reviewing foreclosure files required by a 2011 federal enforcement action. The banks include JPMorgan Chase, Bank of America and Wells Fargo.

HOW MUCH PER HOME? The settlement covers up to 3.8 million people whose homes were in foreclosure in 2009 and 2010. All will receive some compensation, with an average of $2,237 per homeowner, although payments are expected to vary widely.


Hollywood Goes YouTube
LIMITED-TIME OFFER SUBSCRIBE NOW

(enter your email)
(enter up to 5 email addresses, separated by commas)

Max 250 characters

 
blog comments powered by Disqus