U.S. Banks to Pay $125,000 to Many Hurt in Foreclosures, May have to rescind them, modify loans or correct credit reports

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U.S. Banks to Pay $125,000 to Many Hurt in Foreclosures, May have to rescind them, modify loans or correct credit reports

U.S. Banks to Pay $125,000 to Many Hurt in Foreclosures, May have to rescind them, modify loans or correct credit reports

Sorry. I’m still skeptical about anything involving foreclosures. Is this a way to make you sign up or make you feel as you shoud’ve?

 

Bloomberg-

U.S. banks including JPMorgan Chase & Co. (JPM) and Citigroup Inc. (C) will pay as much as $125,000 plus equity to individual customers most harmed by mishandled foreclosures in 2009 and 2010, according to a remediation plan released by bank regulators.

“While we’ve made great strides since we took enforcement action against large mortgage servicers last year, much work is still ahead,” said Thomas Curry, U.S. comptroller of the currency, in a statement. This industry guidance “helps people who are considering requesting a free review to understand how they may be compensated for the financial injury they may have suffered,” he said.

A group of the largest mortgage servicers were ordered by the Office of the Comptroller of the Currency and other banking regulators last year to clean up their foreclosure practices and hire independent consultants to see whether their foreclosure methods in 2009 and 2010 unfairly hurt specific customers. The 14 firms, also including Wells Fargo & Co. (WFC), could be instructed to give lump-sum payments between $500 and $125,000 in each case involving improper practices, the regulators said.

[BLOOMBERG]

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2 Responses to “U.S. Banks to Pay $125,000 to Many Hurt in Foreclosures, May have to rescind them, modify loans or correct credit reports”

  1. dani says:

    OCC MUST COME DOWN HARD ON BANK OF AMERICA THAT STEAL HOMES
    ALL OVER AMERICA TODAY BY WAY OF FRAUD
    DO NOT FORGET BANK OF AMERICA THE CROOKS

  2. Steve Durban says:

    Agreed, Julie Williams and others must resign at once, they won’t and never have come down “hard” on Banksters, the OCC has defended them.

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