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U.S. Banks to Pay $8.5 Billion to Settle Foreclosure Flaws

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Tue, 08 Jan 13 1:42 AM | 35 view(s)
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U.S. Banks to Pay $8.5 Billion to Settle Foreclosure Flaws
By Jesse Hamilton - Jan 7, 2013 2:08 PM ET

Ten of the largest U.S. mortgage servicers will pay a combined $8.5 billion under an agreement that will end case-by-case reviews of foreclosure-abuse claims stemming from a 2011 deal with regulators.

Companies including JPMorgan Chase & Co., (JPM) Bank of America Corp. and Citigroup Inc. (C) must provide $5.2 billion in mortgage assistance and $3.3 billion in direct payments to wronged borrowers, the Office of the Comptroller of the Currency and the Federal Reserve said in a statement today. The banks were among 14 servicers ordered to hire independent consultants to help clean up foreclosure practices amid claims they improperly seized homes in the wake of the subprime mortgage crisis.

much more:
http://www.bloomberg.com/news/2013-01-07/u-s-banks-to-pay-8-5-billion-to-settle-foreclosure-missteps.html

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