JPMorgan (JPM), Citigroup (C), Wells Fargo (WFC), Bank of America (BAC) Getting Foreclosure Guidelines from Regulators

Large banks like Ally Financial, JPMorgan Chase (NYSE:JPM), Citigroup (NYSE:C), Wells Fargo (NYSE:WFC) and Bank of America (NYSE: BAC), which have been under the gun for dubious foreclosure practices, mostly as the result of robosigning, whereby workers at the banks signed off on foreclosures without properly checking the material.

While all this should help, as federal and state authorities have provided giant banks detailed guidelines on how to handle loan servicing and foreclosures, that won't help those who have quit paying on their mortgages, with an estimated 3 million Americans probably going to lose their homes before the housing market recovers.

Approximately 7 million Americans have lost their home to foreclosure since the beginning of the housing-market collapse and estimates from RealtyTrac expect another 3 million foreclosures by the end of 2012.