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The Boston Globe

Business

700-plus in military lost homes wrongfully

NEW YORK — The nation’s biggest banks wrongfully foreclosed on more than 700 military members during the housing crisis and seized homes from roughly two dozen other borrowers who were current on their mortgage payments, findings that eclipse earlier estimates.

Bank of America, Citigroup, JPMorgan Chase, and Wells Fargo uncovered the foreclosures while analyzing mortgages as part of a multibillion-dollar settlement with federal authorities, said people with direct knowledge of the findings. In January, regulators ordered the banks to identify military members and other borrowers who were evicted in violation of federal law.

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