Banks Offer $5 Billion to End Foreclosures Probe

Bank of America (BAC) and JP Morgan (JPM) together with three other U.S. mortgage servicers, offered forking over $5 billion to settle a probe of their foreclosure methods by state and federal officials, two people familiar with the told Bloomberg News. The proposal made by banks yesterday during settlement talks in Washington emerged after state attorneys general and federal authorities provided modified settlement terms and a proposal for banks to finance principal writedowns for homeowners.

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