Housing Market

U.S. Banks Pay Billions Towards Mortgage Mess

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To end a U.S. government-mandated review of housing crisis foreclosures, a group of 10 mortgage providers have agreed to pay a total of $8.5bn as compensation. Bank of America Corp, Citigroup Inc, JPMorgan Case & Co, Wells Fargo & Co, MetLife Bank and five others will pay $3.3bn directly to eligible borrowers. They will also be paying $5.2bn in loan modifications and forgiveness. A total of 3.8 million people are eligible for payments under the deal announced by the Office of Comptroller of the Currency, a bank regulator, and the Federal Reserve.

Read it at Aljazeera


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