U.S. Banks to Pay $8.5 Billion to Settle Foreclosure Missteps

U.S. Banks to Pay $8.5 Billion to Settle Foreclosure Missteps

Scott Eells/Bloomberg

Companies including JPMorgan Chase & Co., Bank of America Corp. and Citigroup Inc. must provide $5.2 billion in mortgage assistance and $3.3 billion in direct payments to wronged borrowers, according to a settlement announced today by the Office of the Comptroller of the Currency and the Federal Reserve.