On Monday, the U.S. government reached a settlement with 10 banks who will pay $8.5 billion. About four million homeowners who lost their homes to foreclosure will be getting some compensation.
About 200 people showed up to a workshop in south Los Angeles last month trying to figure out if their banks improperly foreclosed on their homes. Now many of them will be getting a check.
10 banks agree to pay $8.5B for foreclosure abuse
Consumer advocates question $8.5B foreclosure deal
The 10 banks -- including Citi, JPMorgan Chase, Bank of America, and Wells Fargo -- will make $3.3 billion in direct payments to customers who were in foreclosure during 2009 and 2010.
Homeowners charged improper fees could be paid a couple hundred dollars. About $125,000 would go to homeowners who were foreclosed on even though they were up to date in their mortgage payments."
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