Banks may be settling on foreclosure probe - KWWL - Eastern Iowa Breaking News, Weather, Closings

Banks may be settling on foreclosure probe

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WASHINGTON (AP) -- Three big U.S. banks are nearing a settlement in which they would compensate borrowers whose homes were improperly foreclosed upon, according to a CNBC report.

Bank of America Corp., JPMorgan Chase & Co. and Wells Fargo & Co. would also agree not to start foreclosure proceedings until they have exhausted all efforts to modify a borrower's mortgage.  Many borrowers have complained of receiving foreclosure notices while they're negotiating to lower their loan payments.

 

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