Even before regulators unveiled a foreclosure review settlement this morning, critics were complaining that it was flawed. If there's a silver lining in the deal — which was put together by the Office of the Comptroller of the Currency and Federal Reserve — it's that many banks and consumer advocates hated even more the foreclosure review process that the settlement replaces.

Under the deal announced Monday morning, the 10 servicers will pay $3.2 billion to borrowers and offer an additional $5.5 billion in unspecified "other assistance," which might include loan modifications and other foreclosure alternatives.

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