Owners of wrongfully repossessed houses could now get up to $125,000 as ten major US banks agree to settle federal complaints. This will end a foreclosure review process begun by a 2011 enforcement action.
Under the new agreement, those people who had their homes seized and then sold would get the biggest pay offs, while banks who failed to modify people’s loans in light of a change of income would get off more lightly. The settled compensation is anywhere between $1000 and $125,000.
Continue reading “US banks agree an $8.5 billion foreclosure settlement”