10 home loan servicers will pay $8.5 billion in settlement to borrowers
Ten US home loan servicers will pay $8.5 billion in cash and assistance to homeowners for mishandling mortgages under foreclosure over the past two years, US regulators announced Monday.
The Federal Reserve and the Office of the Comptroller of the Currency said the servicers, which include leading banks like Bank of America, Citibank, JPMorgan Chase and Wells Fargo, will have to pay borrowers covered in the deal $3.3 billion in cash and $5.2 billion in mortgage assistance to settle claims.
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