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Federal judge approves $25 billion mortgage pact
Source: Reuters
Federal judge approves 25 billion mortgage pact
By Aruna Viswanatha
WASHINGTON | Thu Apr 5, 2012 6:18pm EDT
(Reuters) - A federal judge approved a $25 billion mortgage settlement with five top U.S. banks over allegations of foreclosure abuses and misconduct in servicing home loans, according to court documents.
U.S. District Judge Rosemary Collyer signed the previously announced series of settlements on Wednesday but the approval was not made public until Thursday.
The civil allegations were brought by 49 states and the federal government. The banks did not admit to the accusations.
The five banks: Bank of America; Citigroup, JPMorgan Chase; Wells Fargo and Ally Financial agreed to pay around a total of $5 billion in cash to the federal and state governments.
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By Aruna Viswanatha
WASHINGTON | Thu Apr 5, 2012 6:18pm EDT
(Reuters) - A federal judge approved a $25 billion mortgage settlement with five top U.S. banks over allegations of foreclosure abuses and misconduct in servicing home loans, according to court documents.
U.S. District Judge Rosemary Collyer signed the previously announced series of settlements on Wednesday but the approval was not made public until Thursday.
The civil allegations were brought by 49 states and the federal government. The banks did not admit to the accusations.
The five banks: Bank of America; Citigroup, JPMorgan Chase; Wells Fargo and Ally Financial agreed to pay around a total of $5 billion in cash to the federal and state governments.
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Read more: http://www.reuters.com/article/2012/04/05/us-mortgage-settlement-idUSBRE8341C820120405