Banks to pay $8.5 billion in foreclosure settlement

Federal regulators announced an $8.5 billion settlement on Monday involving 10 banks over alleged foreclosure abuses.

The deal — termed an “agreement in principle” — was brokered by the Federal Reserve and the Office of the Comptroller of the Currency. It includes $3.3 billion in direct payments to borrowers as well as $5.2 billion in other assistance, like loan modifications and forgiveness of deficiency judgments.

 

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