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
Software giant Microsoft Corp. said Thursday after the markets closed that its first quarter profit fell 13% from last year, hurt mainly by integration and restructuring costs even as revenue surged 25% thanks to strong sales of its gadgets and cloud-based products. However, the company's quarterly earnings per share came in above analysts' expectations as did its quarterly revenue. After turning lower over the course of the previous session, stocks showed a substantial move back to the upside during trading on Thursday. The gains more than offset yesterday's loss, extending the recovery from the recent sell-off. Alaska Congressman Don Young, R-Ak., is once again making headlines with comments linking the state's high suicide rate to an increase in government assistance. Young told an audience at a senior center on Wednesday that the suicide problem didn't exist until there was "largesse" from the government.
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.