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News Story
Updated: 02/11/2012 08:02:16AM

Settled, but unclear

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By GREG GILES

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The U.S. Justice Department this week announced a settlement with 49 states over foreclosure abuses.

The agreement with the nation’s five largest banks (Bank of America, Wells Fargo, Citigroup, JPMorgan Chase and Ally Financial) will provide $5 billion in cash for homeowners who were inappropriately foreclosed upon ($2,000 per mortgage as restitution) by banks using “robo-signed” papers and other improper documentation.

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