2 firms to pay for improper military foreclosures

Associated Press Writers
Published: Thursday, May. 26, 2011 – 1:40 pm
Last Modified: Thursday, May. 26, 2011 – 2:51 pm

WASHINGTON — Two mortgage lenders will pay more than $22 million combined to settle federal civil charges that they improperly foreclosed on 178 military personnel, some of whom were serving in the Iraq or Afghanistan wars.

Subsidiaries of Bank of America Corp. and Morgan Stanley failed to obtain court orders before imposing the foreclosures between 2006 and 2009, the Justice Department said Thursday. The cases will result in an average of $125,562 in payments per person. The foreclosed homes were in 22 states.

Complete article found at: http://www.sacbee.com/2011/05/26/3657243/2-firms-to-pay-for-improper-military.html

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