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10 banks agree to pay $8.5 billion for foreclosure abuse

By The Associated Press

This article was published January 7, 2013 at 11:13 a.m.

— Ten major banks and mortgage companies have agreed to pay $8.5 billion to settle complaints that they wrongfully foreclosed on the loans of homeowners who should have been allowed to stay in their homes.

Federal Regulators say the settlement ends a review process of foreclosure files required under a 2011 enforcement action. The banks mishandled paperwork and skipped required steps in the foreclosure process.

Advocates estimate that about 400,000 people are eligible for compensation of a few hundred dollars, up to $125,000.

Read tomorrow's Arkansas Democrat-Gazette for full details.

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