WASHINGTON — US banks have taken another step to clear away the wreckage of the 2008 financial crisis by agreeing to pay $8.5 billion to settle charges that they wrongfully foreclosed on millions of homeowners.
The deal announced Monday could compensate hundreds of thousands of Americans whose homes were seized because of abuses such as ‘‘robosigning,’’ when banks automatically signed off on foreclosures without properly reviewing documents. The agreement will also help eliminate huge potential liabilities for the banks.
Comments
All of the people who lost their homes were not paying their mortgages....they should be a little pickier in who they call victims...their nonpayment forced others into foreclosure because banks are in the money business and if people don't pay back what they borrow banks are less likely to allow modifications for those who would make a good faith effort to pay...I suggest a different title: "People who rob banks and customers get paid for not getting away with it!"