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Last updated on Friday, January 20, 2012
(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.
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