$8 Billion Robo-signing Settlement

Ten U.S. banks reached a $8.5 billion agreement with bank regulators to settle charges of foreclosure abuses, the regulators said Monday.
Bank of America Corp., BAC -0.41%J.P. Morgan ChaseJPM -0.15% & Co., Wells FargoWFC -1.09% & Co. and Citigroup Inc. C -0.56% all signed onto the agreement, while four smaller banks—Ally Financial, HSBCHSBA.LN -0.21% PLC, OneWest Bank and EverbankEVER -1.89%—did not.
The settlement resolves allegations of foreclosure improprieties brought by the Office of the Comptroller of the Currency and Federal Reserve in 2011. The settlement was lower than the $10 billion anticipated because four banks did not sign onto the deal.