24/7 Newsfeed

Put Reason 24/7 on Your Site


Follow Reason 24/7 on Twitter and via RSS

Regulators Close to Foreclosure Deal with Banks

Banking regulators are close to signing a $10 billion deal with 14 banks to settle charges of foreclosure abuses, sources told The New York Times.

The Office of the Comptroller of the Currency is spearheading the settlement, four separate sources told the Times. The charges settled would include cheating homeowners out of due process during foreclosure and other bank actions, such as excessive fees, that may have forced homeowners from their homes.

The deal involves the five largest lenders -- Bank of America, Citibank, JPMorgan Chase, Wells Fargo and Ally Financial -- that agreed to a $26 billion settlement in April with state attorneys general, the Justice Department and the Department of Housing and Urban Development, the Times reported.

Source: UPI. Read full article. (link)

Editor's Note: We invite comments and request that they be civil and on-topic. We do not moderate or assume any responsibility for comments, which are owned by the readers who post them. Comments do not represent the views of Reason.com or Reason Foundation. We reserve the right to delete any comment for any reason at any time. Report abuses.