Bank Selloff Adds Pressure to Fix Foreclosure Mess
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Shares of U.S. banks slid for a third day as lenders and government officials faced mounting pressure to answer claims that home lending and foreclosures have been marred by illegal shortcuts.
Bank of America Corp. and JPMorgan Chase & Co. each fell more than 4 percent. Paul Miller, an analyst at FBR Capital Markets in Arlington, Virginia, raised his estimate for the cost of litigation and delays tied to mortgages to $10 billion yesterday from $6 billion.