Wednesday, April 13, 2011

Wells (WFC) (BAC) (C) (JPM) Ordered to Reimburse Homeowners

Wells Fargo (NYSE:WFC), Bank of America (NYSE:BAC), Citigroup (NYSE:C) and JPMorgan (NYSE:JPM) were among 15 banks ordered to reimburse homeowners who were wrongfully foreclosed upon. Two services were among those ordered to reimburse the victims.

The lenders were also ordered by the Federal Reserve, Office of Thrift Supervision and Office of the Comptroller of the Currency to hire auditors to ensure other foreclosures in 2009 and 2010 were properly done.

Other lenders picked out by the agencies include , Ally Financial Inc., Aurora Bank, Citibank, EverBank, HSBC (NYSE:HBC), MetLife Bank, OneWest Bank, PNC (NYSE:PNC), Sovereign Bank, SunTrust Banks (NYSE:STI) and U.S. Bank, and the service providers Lender Processing Services and MERSCORP.

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