U.S. Sets Rules for Foreclosure Compensation: $125k per cus [NotSoBreaking] - MarketTicker Forums


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User Info	U.S. Sets Rules for Foreclosure Compensation: $125k per cus in forum [NotSoBreaking]
Passivesf Posts: 5495 Incept: 2008-02-01	WASHINGTON—Banks could be forced to pay as much as $125,000 per customer to compensate borrowers who were subject to foreclosure-processing errors. More than a year after finding widespread abuses in the industry, banking regulators unveiled a plan Thursday to compensate borrowers for a wide variety of errors, including starting foreclosure for a borrower who wasn't in default, denying loan assistance in error, making a mistake on a loan modification and wrongfully foreclosing on a member of the military. http://online.wsj.com/article/SB10001424.... ---------- "Banking institutions are more dangerous to our liberties than standing armies. The issuing power of currency should be taken from central banks and restored to the people, to whom it properly belongs" 2012-06-22 11:23:56 Permalink