Tuesday, January 8, 2013

Banks pay billions to settle mortgages, no jail

Ten US banks have agreed to pay billions for mishandling mortgages and foreclosing homes. In total, the banks will pay just over $3bn directly to home owners, while the remainder will be used to reduce  mortgages. But critics say the deal allows the banks to escape responsibility for damages that could have cost them much more. Al Jazeera's Andy Gallacher reports from Pompano Beach, Florida.

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