Economy/Business News Alert

Major banks agree to pay $8.5B for wrongful foreclosures

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

Federal regulators say the banks will pay billions to homeowners to end a review process of foreclosure files that was required under a 2011 enforcement action. The banks mishandled people's paperwork and skipped required steps in the foreclosure process.

Read more at:
http://www.washingtonpost.com/politics/banks-including-bofa-citi-wells-fargo-agree-to-pay-85-billion-for-wrongful-foreclosures/2013/01/07/ec15c27a-58e3-11e2-b8b2-0d18a64c8dfa_story.html

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