Saturday, February 11, 2012

Banks, Fed settle on $766.5M foreclosure fines

The Federal Reserve announced on Thursday that as part of the larger $25 billion foreclosure settlement agreed to by U.S. banks and states that it was imposing penalties totaling $766.5 million on five U.S. banks over their mortgage servicing practices.

The banks involved are Bank of America Corp, Citigroup, JPMorgan Chase & Co, Wells Fargo & Co and Ally Financial Inc, the Fed said.

Related: Mortgage relief deal reached as holdout states join in

Copyright 2012 Thomson Reuters. Click for restrictions.

Source: http://www.msnbc.msn.com/id/46328109/ns/business-real_estate/

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