Judge Finalizes Banks' Landmark $25B Mortgage Settlement

Law360, New York (April 5, 2012, 10:17 PM EDT) -- A Washington federal judge on Wednesday approved the landmark $25 billion settlement between the nation's five largest mortgage servicers, the federal government and 49 state attorneys general, two months after the deal was announced to great fanfare.

U.S. District Judge Rosemary M. Collyer signed off on the agreements with Ally Financial Inc., Bank of America Corp., Citigroup Inc., JPMorgan Chase Bank NA and Wells Fargo Bank NA, although they were not made public until Thursday.

Under the agreements, entered last month, the banks agreed to strict...
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