The New York Times is reporting that fourteen large banks appear ready to cough up another TEN BILLION dollars to end allegations of foreclosure abuse. In a nutshell, the federal investigations purportedly involve faulty paperwork and excessive fees --- Go figure!
This settlement, though, is different from the $25 Billion one between all but one of the states' attorneys general and federal agencies earlier this year. $3.75 Billion will compensate those out on the bricks and $2.25 Billion will go to other distressed borrowers so that they are able to stay in their own homes.
Mortgage . . .
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