10 banks agree to $8.5B foreclosure settlement

01/7/2013 | Wall Street Journal, The

Ten large banks have agreed to an $8.5 billion settlement with regulators over allegations that they didn't use proper foreclosure processes. Under the agreement, 3.8 million borrowers who were foreclosed on in 2009 or 2010 will be paid a total of $3.3 billion. The settlement ends a review of foreclosure files that began in April 2011 -- a process that regulators said was taking too long and not delivering aid to consumers.

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