To the Point
US Reaches $25 Billion Mortgage Settlement with Top Banks
President Obama announced today what he called "the largest joint federal-state settlement in American history." It's a $26 billion deal involving 49 states to provide relief from foreclosure abuse by five leading lenders: Bank of America, JP Morgan Chase, Citigroup, Wells Fargo and Ally Financial/GMAC Mortgage.
By Warren Olney • • 1 min readPresident Obama announced today what he called "the largest joint federal-state settlement in American history." It's a $26 billion deal involving 49 states to provide relief from foreclosure abuse by five leading lenders: Bank of America, JP Morgan Chase, Citigroup, Wells Fargo and Ally Financial/GMAC Mortgage. Lorraine Woellert is finance regulation reporter for Bloomberg News.
