U.S. banks, including Bank of America and JPMorgan Chase, have proposed to pay $5 billion to settle claims by the federal and state officials over improper mortgage-servicing practices.
The Federal Reserve has announced formal enforcement actions against 10 banks over their “pattern of misconduct” and negligence related to residential mortgage loan servicing and foreclosure processing.
Results of recent stress tests by the Federal Reserve on the banking industry suggests that the U.S. is heading back into crisis, according to Institutional Risk Analytics, reports Housing Wire.