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Fed Fines 8 US Banks For Alleged Foreclosure Abuse
Updated May 5, 2013 12:10 AM | Filed under: WBIW News
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(WASHINGTON, DC) - The Federal Reserve says it plans to fine eight additional U.S. bank holding companies for improperly foreclosing on homeowners.

The financial firms - EverBank, Goldman Sachs Group, HSBC Holdings PLC, PNC Financial Services Group, MetLife, OneWest Bank, SunTrust Banks and U.S. Bancorp - were not part of last month's settlement over alleged foreclosure abuses.

An official with the Fed called the fines "appropriate" during a congressional hearing in Brooklyn, N.Y. She offered few details about the size of the fines or when they will be levied.

The nation's five biggest lenders - Bank of America, Wells Fargo, JPMorgan Chase, Citigroup and Ally Financial - agreed to a $25 billion settlement with state and federal government agencies last month after a 16-month probe.

As part of that settlement, the five banks agreed to reduce mortgages for about 1 million homeowners. They also will pay into a fund that will send $2,000 to 750,000 homeowners who were improperly foreclosed upon.



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