Morning Minute: Ten mortgage servicers agree to pay $8.5 billion in foreclosure settlement

Ten banks and mortgage servicing companies have agreed to pay more than $8.5 billion in cash payments and other assistance to borrowers as part of the federal mortgage foreclosure settlement, the Office of the Comptroller of the Currency (OCC) and the Federal Reserve Board announced today. Read the full news release along with with news coverage of the deal:

Banks to pay $8.5 billion in foreclosure settlementCNN

OCC reaches $8.5 billion foreclosure review deal with 10 servicers HousingWire

Banks including BofA, JPMorgan, Wells Fargo agree to pay $8.5B for wrongful foreclosuresWashington Post

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About Stephanie Sievers

Stephanie Sievers is Senior Editor for the Illinois Association of REALTORS®. She serves as Senior Editor for IAR publications including the Illinois REALTOR® magazine and all other IAR publications. She is responsible for developing content for the Illinois REALTOR® Weekly Connection e-newsletter, coordinates the IAR Twitter account content at ILREALTOR and plans and develops content for videos. She assists in developing and writing content for the IAR blog. She also is involved in researching and drafting news releases and coordinates the news media distribution database and newsclips reports for the Association. She also assists in IAR spokesperson training seminars and is involved in development of association briefing materials on issues. She assists with the housing statistics program and reports.

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