Banks to settle foreclose case for $10 bln: report is SELL ON THE NEWS???
Banks to settle foreclose case for $10 bln: report
By Michael Kitchen LOS ANGELES (MarketWatch) -- U.S. officials may announce a settlement as early as Monday over alleged foreclosure abuses at 14 major banks, the New York Times reported Sunday, citing unnamed sources. The settlement will total $10 billion, with about $3.75 billion of that to be sent directly to people who saw their homes foreclosed upon in 2009-10, while most of the remainder would go to those currently in danger of losing their homes, the report said. The 14 banks involved in the settlement included J.P. Morgan Chase & Co. /quotes/zigman/272085/quotes/nls/jpm JPM +1.77% , Bank of America Corp. /quotes/zigman/190927/quotes/nls/bac BAC +1.25% and Citigroup Inc. /quotes/zigman/5065548/quotes/nls/c C +2.51% , the report said. The Federal Reserve had threatened to block the settlement over its demand for an addition $300 million to compensate for the banks' role in 2008 financial crisis, but later backed down, the New York Times said.