U.S. banks, Fed settle on foreclosure fines

WASHINGTON Thu Feb 9, 2012 12:03pm EST

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WASHINGTON (Reuters) - The Federal Reserve announced on Thursday that as part of the larger $25 billion foreclosure settlement agreed to by U.S. banks and states that it was imposing penalties totaling $766.5 million on five U.S. banks over their mortgage servicing practices.

The banks involved are Bank of America Corp, Citigroup, JPMorgan Chase & Co, Wells Fargo & Co and Ally Financial Inc, the Fed said.

(Reporting By Dave Clarke; Editing by Lisa Von Ahn)

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