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January 8, 2013

Critics: $9B foreclosure settlement too low

  • The settlement covers 3.8 million people. Those who were wrongfully foreclosed on could receive from $1,000 up to $125,000.
    AP Business Writer

    WASHINGTON — Ten major banks agreed Monday to pay $8.5 billion to settle federal complaints that they wrongfully foreclosed on homeowners who should have been allowed to stay in their homes.

    The banks, which include JPMorgan Chase, Bank of America and Wells Fargo, will pay billions to homeowners to end a review process of foreclosure files that was required under a 2011 enforcement action. The review was ordered because banks mishandled people's paperwork and skipped required steps in the foreclosure process.

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