Banks to pay $10B for foreclosure abuses

Following negotiations between government officials and banks, a $10 billion settlement for foreclosure abuses like “flawed paperwork and botched loan modifications” is expected today, the New York Times reported:An estimated $3.75 billion of the $10 billion will be distributed in cash relief to Americans who went through foreclosure in 2009 and 2010. Another $6 billion will be directed toward homeowners who are in danger of losing their homes after falling behind on their monthly payments. The deal follows a week of feverish negotiations, and it almost fell apart over the weekend. Some officials at the Federal Reserve threatened to scuttle it unless the banks agreed to pay an additional $300 million for their role in the 2008 financial crisis that torpedoed the housing market and led to millions of foreclosures.According to the Los Angeles Times:Continue Reading…

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Banks to pay $10B for foreclosure abuses

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