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US banks reach 25bln dollar settlement

02-10-2012 07:51 BJT

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Five big U.S. banks on Thursday reached a 25 billion dollars deal with 49 U.S. states and the federal government to end a probe of abusive foreclosure practices stemming from the collapse of the housing bubble.

Under the agreement, Bank of America, JPMorgan Chase, Wells Fargo, Citigroup and Ally Financial are required to collectively dedicate 20 billion dollars in financial relief to borrowers and 5 billion dollars in cash to federal and state governments.

Together the five firms handle payments on 55 percent of all outstanding home loans - about 27 million mortgages.

The financial relief is comprised of 10 billion dollars in principle reduction, 3 billion dollars in refinancing and 7 billion dollars in other forms such as forbearance for unemployed borrowers.

The settlement would apply only to privately held mortgages issued from 2008 through 2011.

 

Editor:Zhang Rui |Source: CNTV.CN

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