A federal judge approved the $26 billion settlement deal reached between the nation's five largest mortgage lenders and the attorneys general of 49 states and the District of Columbia over foreclosure processing abuses.
Judge Rosemary Collyer in the U.S. District Court for the District of Columbia approved consent judgments with Bank of America, Citibank, JPMorgan Chase, Wells Fargo, and Ally Financial (the former GMAC) late Thursday.
The approval clears the way for the banks to compensate homeowners who may have been impacted by the so-called robo-signing scandal, in which bank employees signed hundreds of documents a day attesting to facts that they had little or no knowledge of.
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