Big Banks, Holdout States Ink $25B Deal Over Mortgages

Law360, New York (February 9, 2012, 11:53 AM EST) -- The federal government and 49 states have reached a $25 billion deal with Bank of America Corp., JPMorgan Chase Bank NA, Citigroup Inc., Wells Fargo Bank NA and Ally Financial Inc. — the nation’s largest mortgage servicers — to aid homeowners fleeced in the mortgage crunch, the nation's top prosecutor said Thursday.

U.S. Attorney General Eric Holder called the deal the largest federal-state civil settlement ever — and the largest multistate settlement since a 1998 deal with tobacco companies — and said that it came after...
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