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Wrongful-Foreclosure Compensation For Homeowners Could Be As Low As $500

For homeowners trying to get reparations in the wake of the foreclosure crisis, it's been a hit-or-miss experience. This week, another group of Americans bruised in the housing bust will get payouts from the banks, money meant to help them get on their feet again, but the cash may prove disappointing for many.

Bank of America to reduce principal for up to 200,000 homeowners

Bank of America said Friday it would reduce by about $100,000 the amount owed by as many as 200,000 underwater homeowners as part of the recently announced government foreclosure settlement with top mortgage servicers.

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