TARP: A Not-so-done Deal. It’s Financial Reform Time

Yesterday, 10 US banks and mortgage firms agreed to pay $8.5 billion to settle complaints of wrongful foreclosures. Federal regulators undertook an extensive review process of ¬†homeowner foreclosure files as required under an enforcement action filed during 2011. According to terms of the agreement the banks – which include several of the nation’s largest financial institutions such as Citigroup, JP Morgan Chase, Bank of America and Wells Fargo – will end up paying individual homeowners anywhere from several hundred dollars to $125,000 once it has been determined that those individuals were wrongly foreclosed upon.… [Read more]