11-Feb-2012 - US banks in mortgage settlement

Visted 3 times

9 February 2012 Last updated at 15:35 GMT US banks agree 25bn mortgage settlement Five of the biggest US banks have agreed to provide mlb jerseys from china 25bn in assistance to homeowners to settle claims over improper foreclosure practices. The deal, struck with the US government and most US states, follows allegations of abusive practices by lenders during the country's housing wholesale nba jerseys collapse. The banks involved are Bank of America, Citigroup, Wells Fargo, JP Morgan Chase and Ally Financial. It will cut loan payments for victims and provide compensation. The abuses happened after the US housing bubble burst five years ago. Many companies processing foreclosures - or repossession orders - failed to verify documents. Some employees signed papers they had not read or used fake signatures to speed up the process, an action dubbed "robo-signing". The settlement follows a year of wrangling and nba jerseys from china is the biggest struck between the US government and a single industry since 1998. By settling, the five banks will avoid civil lawsuits.

Comments (0)Post Comment View Whole Blog