The banks, which include JPMorgan Chase, Bank of America and Wells Fargo, will pay billions to homeowners to end a review process of foreclosure files that was required under a 2011 enforcement action. The review was ordered because banks mishandled people's paperwork and skipped required steps in the foreclosure process.
The settlement was announced jointly by the Office of the Comptroller of the Currency and the Federal Reserve.
Read more: Banks out $8.5 bil for loan abuse
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Latest Analysis: Wild Ride For Mortgage Rates, Should Spill Into Tomorrow Too | ||||||||||||||||||||||||||||||||||||||||||||
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