In the United States, ten of the biggest banks have agreed to pay 8.5 billion dollars to settle a review of home foreclosures by US regulators. Regulators said Banks and mortgage lenders including Bank of America, Citigroup and JP Morgan Chase will pay 3.3 billion dollars directly to eligible home owners. The lenders will also pay 5.2 billion dollars to modify and forgive loans. The US mortgage market boomed in the middle of the last decade. Banks made huge profits by buying home loans and repackaging them as complex products. The housing bubble collapsed in 2008, making many of the homes worthless and causing the loans and their derivatives to become toxic. Many people lost their homes and all the major banks had to be bailed out. More than 3.8 million borrowers, whose homes were subject to foreclosure proceedings in 2009 and 2010, would receive cash compensation ranging from hundreds of dollars up to 125,000 dollars.