Biz Buzz
By Jim Martin, Doug Oathout Erie Times-News staff bloggers
Welcome to Biz Buzz, our daily blog on all things business. Turn here for breaking news on the economy, local industry and area people engaged in the region's companies.   Read more about this blog.
 Phone: 814-870-1668
814-870-1698
Posted: January 7th, 2013
PNC, 9 other banks settle foreclosure case

PNC Financial Services and nine other banks agreed today to pay $8.5 billion to settle federal complaints that they wrongfully foreclosed on homeowners who should have been allowed to stay in their homes.
The banks will pay billions to homeowners to end a review process of foreclosure files that was required under a 2011 enforcement action. The review was ordered because banks mishandled people’s paperwork and skipped required steps in the foreclosure process.
The agreement covers up to 3.8 million people who were in foreclosure in 2009 and 2010. All will receive some amount of compensation. That’s an average of $2,237 per homeowner, although the payouts are expected to vary widely.

Posted in: Uncategorized
Comments
No Responses to PNC, 9 other banks settle foreclosure case
Leave a Reply

You must be logged in to post a comment.

Switch to our mobile site