News Sections
Audio
Banks To Pay Billons Over Deceptive Foreclosure Practices
Updated May 5, 2013 12:10 AM | Filed under: WBIW News
 Print    Archive    RSS

(WASHINGTON) - A $25 billion settlement between the nation's major banks and all 50 states over deceptive foreclosure practices during the housing crisis is nearing completion.

Five major banks - Bank of America, JPMorgan Chase, Wells Fargo, Citibank and Ally Financial (formerly GMAC) - and U.S. states are "very close," according to Housing and Urban Development Secretary Shaun Donovan.

Separately, two officials briefed on internal discussions say a proposed deal could be announced within weeks. Negotiators are finalizing a draft of the agreement, which must be reviewed by state attorneys general. Under the deal, banks would pay states and the federal government, which would fund programs to compensate homeowners.



« Previous Article
Next Article »

 Print    Archive    RSS

Have a question or comment about a news story? Send it to comments@wbiw.com

Advertise with 1340 AM WBIW
Advertise with 1340 AM WBIW


1340 AM WBIW, Bedford's Place To Talk. Serving Lawrence and surrounding counties since 1948!

© 2014 Ad-Venture Media, Inc. All Rights Reserved.   WBIW.com and Listen Live Powered by HPC

Advertise  |  Careers  |  About  |  Feedback