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Citigroup Inc And Other US Banks To Pay $8.5 Billion To End Foreclosure Reviews-Reuters

Monday, 7 Jan 2013 02:56pm EST 

Reuters reported that a group of 10 mortgage servicers agreed on Monday to pay a total of $8.5 billion to end a U.S. government-mandated case-by-case review of housing crisis foreclosures in an acknowledgement the program had proven too cumbersome and expensive. The reviews followed the 'robo-signing' scandal that emerged in 2010 involving allegations banks pursued faulty foreclosures by using defective or fraudulent documents. Bank of America Corp, Citigroup Inc, JPMorgan Chase & Co, Wells Fargo & Co, Metlife Inc, and five others will pay $3.3 billion directly to eligible borrowers, and $5.2 billion in loan modifications and forgiveness. The OCC and the Federal Reserve Board said they accepted the agreement to get relief to consumers more quickly than through the reviews. In April 2011, the government required the servicers to review foreclosure actions from 2009 and 2010 to determine whether borrowers had been unlawfully foreclosed on or suffered some other financial harm due to errors in the foreclosure process. The other banks involved in the settlement are Aurora, PNC Financial Services Group Inc, Sovereign, Suntrust Banks Inc, and U.S. Bancorp. Regulators are continuing negotiations whether four other servicers, and are also expected to enter into similar settlements with them. 

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