Bloomberg news: Banks Must Pay Victims of Botched Foreclosures, Regulators Say

Maybe this is the beginning to the end of the forelcosure crisis, but I suspect it will just reopen the foreclosure floodgates for these firms that were avoiding filings the last 6 months. If it forces them to hire better law firms to process foreclosures, we all would win.

The 14 largest U.S. mortgage
servicers must pay back homeowners for losses from foreclosures
or loans that were mishandled in the wake of the housing
collapse, according to a consent decree released today.


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