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Major Banks Brace for Major Fines

^{Published on 2011-02-28 08:45:17 - Market Wire}
 

NEW YORK, NY--(Marketwire - February 28, 2011) - A speedy resolution to the so-called "foreclosure-gate" looks less likely after recent events. Efforts to reach a coordinated settlement with mortgage servicers over alleged "robo-signing" foreclosure practices are still in the preliminary stages, with federal regulators and state attorney generals still hashing out the size and scope of any deal with banks. The Bedford Report examines the outlook for companies in the Financial Sector and provides research reports on Citigroup, Inc. (NYSE: [ C ]) and JPMorgan Chase & Co. (NYSE: [ JPM ]). Access to the full company reports can be found at:

[ www.bedfordreport.com/2011-02-C ]

[ www.bedfordreport.com/2011-02-JPM ]

According to a report from The Wall Street Journal, the Obama Administration is pushing banks such as Wells Fargo, JPMorgan, Bank of America and Citigroup that maintain loan-servicing platforms pay as much as $30 billion in fines to settle state and federal claims that they illegally foreclosed on homes and abused borrowers. As part of the settlement, the government wants a commitment from banks to reduce payments for borrowers who owe more on their homes than they are worth.

The Bedford Report releases regular market updates on the Financial Sector so investors can stay ahead of the crowd and make the best investment decisions to maximize their returns. Take a few minutes to register with us free at [ www.bedfordreport.com ] and get exclusive access to our numerous analyst reports and industry newsletters.

JPMorgan Chase is being sued by Allstate insurance company for fraud, with Allstate accusing JPMorgan of knowing that the loans it was selling were very likely to go bad. The suit joins similar accusations from insurance companies and investors, who suffered losses when securities that were sold as high-quality instead turned sour.

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