5:03 PM
Banks Pay Big for Robo-Signing…Again: "The cost of faking a foreclosure document continues to rise. Ten banks will now pay $8.5 billion to borrowers for so-called "robo-signing," a fraudulent practice uncovered two years ago that sent the mortgage market into yet another tail-spin.
Nearly four million borrowers will get either direct payments or mortgage assistance ranging anywhere from a few hundred dollars to over a hundred thousand dollars, according to federal regulators."
'via Blog this'
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