Banks to settle foreclose case for $10 bln: report
LOS ANGELES (MarketWatch) — U.S. officials may announce a settlement as early as Monday over alleged foreclosure abuses at 14 major banks, the New York Times reported Sunday, citing unnamed sources. The settlement will total billion, with about .75 billion of that to be sent directly to people who saw their homes foreclosed upon in 2009-10, while most of the remainder would go to those currently in danger of losing their homes, the report said. The 14 banks involved in the settlement included J.P. Morgan Chase & Co. , Bank of America Corp. and Citigroup Inc. , the report said. The Federal Reserve had threatened to block the settlement over its demand for an addition 0 million to compensate for the banks’ role in 2008 financial crisis, but later backed down, the New York Times said.
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