scandal: U.S. Government Settles with Banks on Robo-Signing Scandal - 02/10/12 06:38 PM
Yesterday, the Justice Department and 49 out of 50 state Attorneys General announced a settlement agreement with 5 of the nation's largest banks in the Robo-signing and Mortgage Service Fraud scandal that first came to light in late 2010.
The settlement, worth $25 billion dollars, was the largest government negotiated industry settlement since the Tobacco Industry settled in 1998.
In the Settlement, $5 billion is earmarked for $2000 payments to be distributed to borrowers who were illegally foreclosed on between January 1, 2008 and December 31, 2011. The remaining $20 billion will be used to help homeowners who are currently in … (2 comments)

 
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