Today, history was made. Federal and state officials announced that they’ve reached a $25 billion dollars settlement with the nation’s biggest banks over the banks’ various foreclosure fraud abuses, such as “robo-signing” foreclosure documents and submitting falsely notarized documents to courts. The settlement has been in the works for several months, as a few key states — most notably California and New York — were holding out for tougher terms against the banks.
The agreement involves five lenders: Wells Fargo, Citigroup, JPMorgan Chase, Bank of America, and Ally Financial.
