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January 7, 2013

Bank-Foreclosure Settlement Nears


“Banks were closing in on a $10 billion foreclosure-abuse settlement with regulators that could be announced as soon as Monday, according to people familiar with the talks.”

“The settlement was nearly complete Sunday afternoon, the people said, after the Federal Reserve backed down on a demand for more compensation for consumers and other changes to the pact.”

“Bankers threatened to walk away from the deal if the Fed’s demand for an additional $300 million was included, a person briefed on the talks said.”

“In 2011, 14 banks were cited for foreclosure abuses by the Fed and Office of the Comptroller of the Currency. Although the exact number was uncertain, most of the 14 banks cited for improper foreclosure practices were expected to sign onto the deal, the people said.’

“The OCC spent several weeks negotiating the agreement, and Fed officials were only recently brought into the negotiations. Spokesman for the Fed and OCC declined to comment.”


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