Skip to Content

Get Your FREE Consultation

Blog

2012 Bank Fines Top $10 Billion

January 2, 2013

Banks were fined a record of more than $10.7 billion in 2012 for various misdeeds ranging from manipulating interest rates to improperly foreclosing on distressed homeowners. The record $10.7 billion total includes only what banks paid to U.S. and state authorities, not the additional billions global banks also agreed to pay European regulators.

Just more than half of the fines were related to improper mortgage practices. Most of that recovered money was earmarked for refunds to consumers. For instance, $1.5 billion of a mortgage settlement with mortgage lenders announced in February was used to set up a fund to compensate borrowers whose homes were improperly sold or taken in foreclosure. Another $3.5 billion of that global settlement went to state and federal governments to cover the cost of housing counselors, legal assistance, and other consumer assistance programs. Wells Fargo paid $175 million in a July settlement to help minority homeowners who were sold subprime loans even though they qualified for less-costly traditional mortgages.

Read the story on CNN.

TALK TO US NOW
FOR FREE
No Win, No Fee

Review Us

Martin & Jones, PLLC logo

“Forest, once again, my family and I thank you for obtaining another settlement on behalf of my Father. It’s almost uncanny that these checks seem to come at very opportune times. This one comes as we are expecting our fourth grandchild. It will provide her some sound footing towards her future college education, plus help Mom and Dad with the medical expenses. Sometimes, I think my Dad is helping you guys with this. Maybe so. Anyway, thank you again for your hard work.”

Best lawyers award

Contact Our North Carolina Personal Injury Law Firm

for a Consultation for Your Accident or Medical Malpractice Claim

Call us at 800-662-1234
TALK TO US NOW
FOR FREE
No Win, No Fee

The law firm you choose makes a difference. If you are the victim of an accident or an illness that someone else caused, the North Carolina personal injury law firm of Martin & Jones has the depth of experience, skills and sensitivity to make your road to recovery as smooth as possible. Whether you have experience with the legal system or have never hired a medical malpractice or personal injury lawyer before, our attorneys and staff will do our best to answer your questions, provide clear advice and prepare you and your family for what to expect. If you would like more information or to meet with one of our attorneys, please fill out the form below or call us at 800.662.1234.