Reports: Four Banks Seized Over 700 Military Homes
Mar 04, 2013
UPI
Four large U.S. banks seized more than 700 homes of active-duty military personnel after the housing bubble burst, their reports to regulators say.
The New York Times reported Monday that Bank of America, Wells Fargo, JPMorgan Chase, and Citigroup uncovered hundress of cases of wrongful foreclosures of military personnel that occurred between 2009 and 2010.
The Federal Reserve and Office of the Comptroller of the Currency had ordered the largest mortgage lenders to hire independent consultants to review mortgages after the controversy erupted in 2010 over banks hiring so-called foreclosure mills to handle a mountain of delinquent loans.
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