Bank of America and Morgan Stanley Pay to Settle
The Associated Press reports that Bank of America and Morgan Stanley have agreed to pay in excess of $22 million to settle federal civil charges for foreclosing on military personnel improperly.
Over the three year period from 2006 to 2009, the two lenders foreclosed on 178 military members without obtaining court approval. Each military member will receive, on average, $125,562. Foreclosures that occurred from 2009 and 2010 are still being investigated.
Also under the settlement, the lenders agreed to create additional mortgage loan protections for military personnel.
Courtesy of Yahoo! News. Read the full article here.
Alexis Pierson ~ The Starter Home Specialist ~ Serving the Jacksonville NC area - Licensed in the state of North Carolina, affiliated with EXIT Independence Realty. Your Starter Home Specialist for Jacksonville NC,Richlands NC, Hubert NC, and Onslow County. My knowledge and dedication will help your real estate transaction to go smoothly, so that you can enjoy the experience and look back on it with a smile! To discuss your next home purchase or home sale call me at (910) 467-4322!