(AP) - Ten major banks and mortgage companies have agreed to pay $8.5 billion dollars to settle complaints that they wrongfully foreclosed on homeowners who should have been allowed to stay in their homes.
Federal regulators say the banks will pay billions to homeowners to end a review process of foreclosure files that was required under a 2011 enforcement action.
The firms involved in Monday's agreement are Aurora, Bank of America, Citibank, JPMorgan Chase, MetLife Bank, PNC, Sovereign, SunTrust, U.S. Bank, and Wells Fargo. Under the settlement, people who were wrongfully foreclosed on could receive from a few hundred dollars up to $125,000.
The deal covers borrowers whose homes were in foreclosure in 2009 and 2010.