Tuesday, January 15, 2013
Last week, the government announced that ten of the country's largest banks have agreed to pay $8.5 billion to settle claims that they improperly foreclosed on homeowners during the height of the housing crisis. The settlement stems from the way that companies like J.P. Morgan, Bank of America, and Wells Fargo improperly foreclosured on homes during 2009 and 2010. A little more than $3 billion will go be paid to borrowers who were foreclosed on during those years. Another $5 billion is set aside for other assistance to homeowners who are currently having trouble.