US Banks to Rally on Deal
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 … Read more