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Reuters - The Federal Reserve announced on Thursday it has reached an agreement with five U.S. banks on penalties totaling $766.5 million over problems in their mortgage servicing businesses as part of a larger $25 billion foreclosure deal struck between the banks and state and federal agencies.
Reuters - Five big U.S. banks accused of abusive mortgage practices have agreed to a $25 billion government settlement that may help roughly one million borrowers but is no magic bullet for the ailing housing market.
AP - President Barack Obama says a $25 billion settlement between mortgage lenders and states over foreclosure abuses "will begin to turn the page on an era of recklessness that has left so much damage in its wake."
AP - On Thursday, 49 states reached a $25 billion deal with the nation's biggest mortgage lenders over foreclosure abuses that occurred after the housing bubble burst.
Reuters - Two Democratic lawmakers on Wednesday accused the regulator of Fannie Mae and Freddie Mac from blocking the firms from reducing principal on the mortgages they back for reasons of "ideology."
