1 Interesting Number in the Banks' $8.5 Billion Settlement

Coming on the heels of the $8.5 billion settlement by a collection of banks, including Wells Fargo (NYSE: WFC  ) , Citigroup (NYSE: C  ) , and Bank of America (NYSE: BAC  ) , 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. 

Wells Fargo's dedication to solid, conservative banking helped it vastly outperform its peers during the financial meltdown. Today, Wells is the same great bank as ever, but with its stock trading at a premium to the rest of the industry, is there still room to buy, or is it time to cash in your gains? To help figure out whether Wells Fargo is a buy today, I invite you to download our premium research report from one of The Motley Fool's top banking analysts. Click here now for instant access to this in-depth take on Wells Fargo.

 


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  • Report this Comment On January 08, 2013, at 9:59 PM, MKArch wrote:

    What exactly is an "error deserving compensation"? One story I read stated the government pushed for a quick but lower settlement because the reviews have found no material cases of people being foreclosed upon unjustly. After not seeing a single example of a homeowner who lost their house even though they were current with their mortgage during this whole witch hunt it doesn't surprise me the reviews didn't turn up ANY victims.

    The only thing that surprised me is that no one else was paying attention to the lack of any actual victims being trotted out during the witch hunt. Not to get too political here but maybe this is part of the reason why we are in the slowest recovery from a recession in history? We've got a government more interested in bayoneting the wounded than in healing and moving on.

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