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Released: January 08, 2013
Banks shortchanging consumers in mortgage settlement
Source: David Lazarus, L.A.Times (Free Registration)
Ten big banks said Monday that they'll shell out $8.5 billion to settle federal complaints that they wrongfully foreclosed on hundreds of thousands of homeowners who should have been allowed to stay in their homes.
They got off cheap. The average compensation for each homeowner who faced foreclosure in 2009 and 2010 will run about $2,000.
Read Full Article: Banks shortchanging consumers in mortgage settlement
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