US banks and states agree $26bn mortgage settlement for homeowners

Millions of people could have mortgage debt cut as America's top lenders agree deal over alleged abuses in housing market

US housing market depressed, mortgage foreclosures
The agreement covers five banks: Ally Financial, Bank of America, Citigroup, JP Morgan Chase and Wells Fargo. Photograph: Shannon Stapleton/Reuters

US government officials are set to announce a $26bn settlement with the country's largest lenders over alleged abuses in the housing market. The agreement, to be announced by attorney-general Eric Holder and urban development secretary Shaun Donovan at 10am, will be the largest industry fine since a multi-state deal with the tobacco industry in 1998.

 

Federal and bank officials have been in negotiations over the deal for over a year. There had been speculation that president Barack Obama might announce the deal at his State of the Union speech in January.

 

But talks stalled as California and New York balked at the terms of the agreement. They have now signed off on the deal, which is now expected to cover at least 49 states.

 

The agreement covers five banks: Ally Financial, Bank of America, Citigroup, JP Morgan Chase and Wells Fargo. The five account for 55% of all outstanding home loans

 

more

http://www.guardian.co.uk/business/2012/feb/09/us-banks-26bn-mortga...

Views: 389

Comment

You need to be a member of 12160 Social Network to add comments!

Join 12160 Social Network

Comment by Marklar on February 9, 2012 at 7:28pm

Steal trillions pat a few billion. How does that look on the old risk management balance sheet next time. Good enough to assure there is a next time no doubt.

"Destroying the New World Order"

TOP CONTENT THIS WEEK

THANK YOU FOR SUPPORTING THE SITE!

mobile page

12160.info/m

12160 Administrators

 

Latest Activity

Doc Vega posted blog posts
8 hours ago
cheeki kea favorited Bob of the Family Renner's photo
18 hours ago
cheeki kea commented on Doc Vega's blog post Plausible Explanation Behind Recent Cryptid Sightings in the Wild!
"If you're ever out there Doc V and notice giant two legged birds roaming the wilderness be…"
19 hours ago
Burbia commented on TommyD's group The Chuckle Hut
yesterday
Doc Vega posted blog posts
Sunday
Doc Vega posted photos
Saturday
Doc Vega posted a blog post

Ashrams and Moonies Perfect Case for Mind Control

 In the late 60’s and into the 70’s we saw a strange phenomenon emerge! That was the rise of cults…See More
Friday
Doc Vega posted a blog post

Modern Progress

 From some things you just can’t come backNot everyone has your backIt might just be a nuclear…See More
Thursday
Bob of the Family Renner favorited tjdavis's photo
Thursday
Less Prone favorited Sandy's discussion Sick sci-fi sex fantasy written by Epstein's first benefactor people say inspired his twisted island... before author's SON ended up arresting him
Thursday
Doc Vega commented on tjdavis's photo
Thumbnail

Now Playing

"They sure as hell are! "
Aug 20
Doc Vega commented on Doc Vega's blog post Plausible Explanation Behind Recent Cryptid Sightings in the Wild!
"cheeki kea, yes they have already produced a Wooly Mammoth by crossing DNA from frozen remains in…"
Aug 20
Less Prone favorited tjdavis's photo
Aug 20
Less Prone favorited Bob of the Family Renner's photo
Aug 20
Less Prone favorited tjdavis's photo
Aug 20
Less Prone left a comment for Misteri
"Welcome back!"
Aug 20
tjdavis posted blog posts
Aug 19
tjdavis posted photos
Aug 19
tjdavis posted a video

The Inversion: The 'Sentient World Simulation' (SWS)

Kingsley L. Dennis discussing subjects from his new book - 'The Inversion: How We Have Been Tricked into Perceiving a False Reality' (published September 26,...
Aug 19
Doc Vega posted a blog post

Major Technical Developments in 1960 and a Major CIA Disclosure

 In 1960, there were some very significant changes in science, flight research, and oceanography…See More
Aug 18

© 2025   Created by truth.   Powered by

Badges  |  Report an Issue  |  Terms of Service

content and site copyright 12160.info 2007-2019 - all rights reserved. unless otherwise noted