Ten Banks Settle For $8.5 Billion Over Alleged Foreclosure Abuse

Regulators stopping reviews of mortgages in favor of cash payments


Ten of the nation's largest mortgage servicers have agreed to an $8.5-billion settlement with federal regulators to end a review of foreclosure abuses.

The settlement, announced Monday, involved some of the biggest names in the financial industry, including Bank of America Corp., Wells Fargo & Co., JPMorgan Chase & Co. and Citigroup Inc..