Bank of America Corporation (NYSE: BAC), J.P. Morgan Chase & Co. (NYSE: JPM), Wells Fargo & Co. (NYSE: WFC), Citigroup, Inc. (NYSE: C) are among the banks and lenders which could be closer to settling cases ultimately worth billions and billions in mortgages. A draft settlement between the banks and the states has been sent for review by the states. Settlement efforts to date have been blocked or delayed by other interested parties. The current proposed deal is said to be around $25 billion. It is also said that close to 750,000 Americans could possibly receive checks for close to $1,800 while close 1 million house owners could see the face value of their mortgages reduced potentially by about $20,000 on average. What makes the possibility of a deal better this time around compared to blocked deals in the recent past is that this covers the private-issuer mortgages issued from 2008 to 2011 rather than the mortgages under Fannie Mae and Freddie Mac. MORE DETAILS
Big Banks’ Mortgage Settlement Could Be $25 Billion (BAC, JPM, WFC, C)
By
Jon C. Ogg
Published
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About the Author
Jon C. Ogg →
Jon Ogg has been a financial news analyst since 1997. Mr. Ogg set up one of the first audio squawk box services for traders called TTN, which he sold in 2003. He has previously worked as a licensed broker to some of the top U.S. and E.U. financial institutions, managed capital, and has raised private capital at the seed and venture stage. He has lived in Copenhagen, Denmark, as well as New York and Chicago, and he now lives in Houston, Texas. Jon received a Bachelor of Business Administration in finance at University of Houston in 1992. a673b.bigscoots-temp.com.
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