Banks Put Up Over $20 Billion in One Day to Settle Charges of Mortgage and Foreclosure Abuses, But is it Enough?
By Jason Enzler
Last week, the Federal Reserve and the Comptroller of the Currency announced
that ten banks have agreed to an $8.5 billion settlement to resolve allegations of foreclosure abuses. The banks, which include Bank of America, JP Morgan Chase, Wells Fargo, and Citigroup, agreed to pay $3.3 billion directly to eligible borrowers and an additional $5.2 billion in other relief, such as loan...