National Mortgage Settlement To Be Filed In Federal Court Monday: Sources

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National Mortgage Settlement To Be Filed In Federal Court Monday: Sources

National Mortgage Settlement To Be Filed In Federal Court Monday: Sources

Wish the court rejects this fraud!

HuffPO-

A previously announced $25 billion settlement between five major banks accused of abusive mortgage practices and government officials will be filed in federal court on Monday, people familiar with the matter said late Friday.

The pact unveiled Feb. 9 is expected to result in payments and other mortgage relief for about one million borrowers, but must first be approved by a judge.

Bank of America Corp, Wells Fargo & Co, JPMorgan Chase & Co, Citigroup Inc and Ally Financial Inc agreed to the settlement after 16 months of negotiations with state attorneys general and federal agencies, including the U.S. Justice Department and the U.S. Department of Housing and Urban Development.

But the fine print took another month to finalize.

Negotiators had hoped to file a settlement on Friday, but the deal was held up at the last minute over a disagreement between Nevada and Bank of America, people familiar with the matter said.

[HUFFINGTON POST]

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