$25
Mortgage Settlement
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Case Details
A $25 billion mortgage settlement reached with five chief mortgage loan servicers (J.P. Morgan Chase, Bank of America, Citigroup, Wells Fargo, and Ally Financial) for improper mortgages, unauthorized foreclosures, and bankruptcy violations. The settlement provides financial relief, including reduced loan principals, refinancing, and cash payments to affected homeowners.
Additional Notes
Largest federal and state civil settlement since the 1998 Tobacco Settlement. Includes $1.5 billion in cash payments to 750,000 homeowners. The United States Trustee Program participated in negotiations due to bankruptcy violations by servicers.