WASHINGTON/NEW YORK | Wed Apr 13, 2011 10:48am EDT
WASHINGTON/NEW YORK (Reuters) - U.S. bank regulators plan to announce settlements later on Wednesday with the largest lenders over allegations of shoddy foreclosure practices, but the pacts will not include financial penalties.
JPMorgan Chase & Co Chief Executive Officer Jamie Dimon said on an earnings conference call that the regulators would release consent orders that would make the banks fix weaknesses in foreclosure documentation.
Fines will probably come later, he said.
The Office of the Comptroller of the Currency, the Federal Reserve and the Office of Thrift Supervision have spent the past few days completing the settlements with some of the largest U.S. banks, including Bank of America Corp, Wells Fargo & Co, JPMorgan Chase and Citigroup Inc.
The pacts would resolve only part of a large probe involving a group of 50 state attorneys general and about a dozen federal agencies.
Read the full article here.
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