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The resolution also establishes a monitor, Joseph A. Smith Jr., North Carolina’s banking regulator, to track compliance with the terms of the agreement. |
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Bank of America had the most at stake for its customers and shareholders, Frahm said. |
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coming soon |
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Feb. 10 (Bloomberg) -- Hashing out the $25 billion settlement reached by Bank of America Corp., JPMorgan Chase & Co. and three other U.S. banks with 49 states required missing some football. |
Bank of America has committed as much as $11.8 billion, including a cash payment of $3.24 billion, according to a government fact sheet. The balance will be applied toward mortgage modifications and other benefits for borrowers. San Francisco-based Wells Fargo has committed as much as $5.35 billion; New York-based JPMorgan $5.29 billion; New York-based Citigroup $2.2 billion; and Detroit-based Ally $310 million.
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