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Banks to Pay $25B in Landmark Foreclosure Settlement

  • Photo by Matthew N. Stroller (http://www.flickr.com/photos/stoller/2825129071/) [CC-BY-2.0 (www.creativecommons.org/licenses/by/2.0)], via Wikimedia Commons

    Photo by Matthew N. Stroller (http://www.flickr.com/photos/stoller/2825129071/) [CC-BY-2.0 (www.creativecommons.org/licenses/by/2.0)], via Wikimedia Commons

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Late Wednesday, the committee of attorneys general charged with brokering a financial settlement with the five major American banks accused of abusive or negligent banking practices reached an agreement that will require the financial institutions to pay a total of $25 billion dollars in reparations. The money will be distributed to approximately one million borrowers who lost their homes to foreclosure by the five banks, which include Bank of America Corp. (which will pay the largest share of...
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