The firms involved in Monday's agreement are Aurora, Bank of America, Citibank, JPMorgan Chase, MetLife Bank, PNC, Sovereign, SunTrust, U.S. Bank, and Wells Fargo.I guess I don't need to say that $8.5 billion is chump change for these megabanks, especially collectively. That'll learn 'em.
The deal covers borrowers whose homes were in foreclosure in 2009 and 2010, and is distinct from the $26 billion foreclosure settlement announced last year. That settlement was negotiated by state attorneys general, not federal banking regulators, and involved only five major banks: Wells Fargo, Citigroup, Bank of America, JPMorgan, and Ally Financial, formerly GMAC.
Number of the Day
$8.5 billion: The amount of a settlement 10 banks will have to pay over alleged foreclosure abuses against as many as 4.4 million borrowers, in a deal brokered by the Federal Reserve and the Office of the Comptroller of the Currency.
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