US banks in mortgage settlement

BBC News

Five of the biggest US banks have agreed to provide $25bn in assistance to homeowners to settle claims over improper foreclosure practices.

The deal, struck with the US government and most US states, follows allegations of abusive practices by lenders during the country’s housing collapse.

The banks involved are Bank of America, Citigroup, Wells Fargo, JP Morgan Chase and Ally Financial.

President Barack Obama said that homeowners were not treated fairly.

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