Banks give $10.6 billion in relief under mortgage settlement - Aug. 29, 2012
Nearly half of the total, $4.9 billion, comes from Bank of
America. Ally Financial, the smallest of the lenders, has submitted just
over $500 million in claims.
The settlement was meant to atone for foreclosure processing
abuses dating back to 2008. Under the deal, which was approved by a
federal judge in April, the banks get credit for helping homeowners
avoid foreclosure, by doing such things as reducing the principal on
loans and refinancing mortgages to lower interest rates.
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