Banks agree to $8.5B deal with regulators, as BOFA gives Fannie $10B
(NEWSER) – A group of 10 major lenders has agreed to pay federal regulators $8.4 billion to settle claims of foreclosure "robo-signings" and other abuses, the New York Times reports. Among the lenders onboard are JPMorgan Chase, Citibank, and Bank of America. About $3.3 billion of that will go to help Americans who were foreclosed on between 2009 and 2010, who could see payouts of between $1,000 and $125,000. The other $5.2 billion will go modify loans and reduce principal balances for troubled homeowners.
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