Banks Close To Mortgage Settlement
Five banks–Ally, Citigroup (NYSE: C), JPMorgan (NYSE: JPM), Wells Fargo (NYSE: WFC), and Bank of America (NYSE: BAC) are close to a $25 billion settlement with a number of state attorney’s general and federal officials. The action would bring to an…
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Five banks–Ally, Citigroup (NYSE: C), JPMorgan (NYSE: JPM), Wells Fargo (NYSE: WFC), and Bank of America (NYSE: BAC) are close to a $25 billion settlement with a number of state attorney’s general and federal officials. The action would bring to an end mortgage fraud charges. It would also give financial and mortgage refinancing aid to a large, but undetermined number of home owners. For the banks, it would take away a clouds over their earnings and legal liabilities.
A $25 billion national settlement would include $1.5 billion in cash payments to foreclosed borrowers. Borrowers are expected to receive roughly $1,500 each, but the actual amount will depend on how many people file claims, people familiar with the deal said.
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