US Banks offered deal on faulty mortgage foreclosure practices
BAC, JPM, C, WFC
US banks that allegedly engaged in improper mortgage foreclosure practices have been offered a deal by State prosecutors that limits their legal liability in exchange for a multibillion-dollar payment, it was reported Monday citing several people with direct knowledge of the discussions.
The proposed deal effectively releases the companies; Bank of America Corp. (NYSE:BAC), J.P. Morgan Chase & Co. (NYSE:JPM), Wells Fargo & Co. (NYSE:WFC), Citigroup Inc. (NYSE:C) and Ally Financial from legal liability for allegedly wrongful securitization practices, the newspaper cited the people as saying.
The proposal would have to be expanded before it will be agreed on as participants on both sides stressed the talks remain fluid, according to the newspaper. Payment could range from US$10 to 25 billion, the people said.
Paul A. Ebeling, Jnr.
Paul A. Ebeling, Jnr
Paul A. Ebeling, Jnr. writes and publishes The Red Roadmaster’s Technical Report on the US Major Market Indices, a weekly, highly-regarded financial market letter, read by opinion makers, business leaders and organizations around the world.
Paul A. Ebeling, Jnr has studied the global financial and stock markets since 1984, following a successful business career that included investment banking, and market and business analysis. He is a specialist in equities/commodities, and an accomplished chart reader who advises technicians with regard to Major Indices Resistance/Support Levels.