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The Federal regulators on reached an $8.5 billion settlement with ten banks surrounding wrongful foreclosures, a settlement that will help over 3 million borrowers.

If your loan is with one of the following banks, you may be impacted by this settlement;

Bank of America (US:BAC)

Citigroup Inc., (US:C) ,

Wells Fargo & Co. (US:WFC).

J.P. Morgan Chase & Co. (US:JPM)

Aurora Loan Services

MetLife Bank

PNC Financial Services Group ( PNC )

Sovereign Bank

SunTrust Banks Inc. ( STI )

U.S. Bancorp ( USB ).

For more information, call 1-(866) 985-KEEP.

There are four other financial institutions that have not signed onto this agreement;


Ally Financial

EverBank Financial Corp.(US:EVER)

OneWest Bank.

Fund Allocation

Out of the 8.5 billion settlement, 3.3 billion will be disbursed in cash payments to 3.8 million borrowers, some of whom went through foreclosures.

 The remaining $5.2 billion will go to assistance to homeowners, such as modifications to their mortgages.