Breaking News
FONT-SIZE Plus   Neg
Share SHARE

Federal Judge Approves $25 Bln National Foreclosure Settlement

RELATED NEWS
Trade BAC now with 

A federal judge has approved the $25 billion national joint federal-state settlement with five top U.S. banks over mortgage foreclosure abuses and fraud and unacceptable nationwide mortgage servicing practices.

According to court documents, U.S. District Judge Rosemary Collyer in Washington signed consent judgments with the banks.

Under the settlement reached with the federal government and 49 states, the five banks -- Bank of America Corp. (BAC: Quote), JPMorgan Chase & Co. (JPM: Quote), Wells Fargo & Co. (WFC: Quote), Citigroup Inc. (C: Quote) and Ally Financial Inc. -- have agreed to a $25 billion penalty under a joint state-national settlement structure.

As per the settlement structure, the banks have committed a minimum of $17 billion directly to borrowers through a series of national homeowner relief effort options, including principal reduction. The have committed another $3 billion to an underwater mortgage refinancing program. The banks will also pay $5 billion to the states and federal government - $4.25 billion to the states and $750 million to the federal government.

The settlement was announced in February.

Click here to receive FREE breaking news email alerts for Bank of America Corporation and others in your portfolio

by RTT Staff Writer

For comments and feedback: editorial@rttnews.com

Business News

Editors Pick
Micro-blogging site Twitter Inc said Tuesday after the markets closed that its second quarter loss widened from last year, hurt mainly by stock-based compensation expense, even as revenue more than doubled thanks to growth in advertising. However, the company's quarterly earnings per share, excluding items, came in above analysts' expectations as did its quarterly revenue. US President Back Obama on Tuesday announced a new round of sanctions against Russia over Moscow's continued involvement in the ongoing conflict in Ukraine, hours after the European Union decided to expand its own sanctions imposed on Russia over the same issue. "Because we are closely coordinating our actions with Europe, the sanctions we are announcing today will have an even bigger bite. After showing a notable move to the upside in early trading on Tuesday, stocks showed a substantial downturn over the course of the session. Concerns about the impact of new sanctions against Russia weighed on the markets.
comments powered by Disqus
FREE Newsletters, Analysis & Alerts

 

Stay informed with our FREE daily Newsletters and real-time breaking News Alerts. Sign up to receive the latest information on business news, health, technology, biotech, market analysis, currency trading and more.