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Big banks pay billions over foreclosures

Jan 07 2013 18:27
Washington - Ten mortgage servicers agreed on Monday to pay $8.5bn to end a case-by-case review of foreclosures required by US regulators.

Banks including Bank of America, Citigroup, JPMorgan, Wells Fargo and six others will pay $3.3bn directly to eligible homeowners, and will also pay $5.2bn in loan modifications and forgiveness, regulators said.

The Office of the Comptroller of the Currency and the Federal Reserve Board said they accepted the agreement to get relief to consumers more quickly than through the reviews.

In April 2011 the agencies required the servicers to review foreclosure actions from 2009 and 2010 to evaluate whether borrowers had been unlawfully foreclosed on or otherwise suffered financial harm due to errors in the foreclosure process. 

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