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National Foreclosure Settlement With Banks Approved by Judge

The $25 billion national settlement with five banks over foreclosure practices was approved by a federal judge, the Iowa attorney general’s office said in an e-mail.

U.S. District Judge Rosemary Collyer in Washington signed consent judgments with the banks, according to court papers. The five banks -- Bank of America Corp., JPMorgan Chase & Co. (JPM), Wells Fargo & Co. (WFC), Citigroup Inc. (C) and Ally Financial Inc. (ALLY) -- agreed to standards for servicing loans and will provide mortgage relief to homeowners.

The settlement was reached with the federal government and 49 states.

The case is U.S. v. Bank of America Corp. (BAC), 12-00361, U.S. District Court, District of Columbia (Washington).

To contact the reporter on this story: David McLaughlin in New York at +1- dmclaughlin9@bloomberg.net

To contact the editor responsible for this story: Michael Hytha at mhytha@bloomberg.net

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