Coming on the heels of the $8.5 billion settlement by a collection of banks, including Wells Fargo (WFC 1.04%), Citigroup (C 2.24%), and Bank of America (BAC 0.58%), that will be paid to those who were potentially damaged by unnecessary foreclosure during the housing collapse of 2008, Motley Fool financial analyst Matt Koppenheffer discusses the size of the affected group of people. While ideally there would have been no one foreclosed upon unnecessarily, the portrayal by the media headlines of the evil thoughtless banks "robo-signing" foreclosures by the millions may not have been entirely accurate.
1 Interesting Number in the Banks' $8.5 Billion Settlement
By Matt Koppenheffer – Jan 8, 2013 at 9:00PM
NYSE: BAC
Bank of America
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Was this particular scandal blown out of proportion in the headlines?
About the Author
Matt is the head of the Coverage Team for The Motely Fool's premium products. Previously, he's been . Matt is a heavy user of AI tools and is working on harnessing them to help Fool members. Previously, Matt was GM of Motley Fool Ascent, led The Motley Fool Deutschland, has been an investor on various Fool services, and co-hosted the podcast "Where the Money Is". He also co-authored the book The Astonishing Collapse of MF Global. Matt started his career in San Francisco as a technology-focused investment banker and also worked at a $15 billion private equity company. When he's thinking about how to make Fools smarter, happier, and richer, you can usually find Matt running trails or making a mess in the kitchen. He's a graduate of the University of Pennsylvania, but is a lifelong fan of Penn State football.