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.
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