Seeking Alpha

The Fed is reportedly holding up a $10B deal between 14 large banks and the Office of the...

The Fed is reportedly holding up a $10B deal between 14 large banks and the Office of the Comptroller of the Currency to settle abusive foreclosure practices in 2009-2010. While the banks and the OCC want to finalize the agreement ahead of the start of earnings season this week, the Fed is unhappy about the way payments to consumers under the settlement would be determined. Smaller banks also oppose the deal.
Comments (2)
  • They want to stop the write-offs to tax the profits that the banks continue to shelter on their balance sheets.
    7 Jan 2013, 06:09 AM Reply Like
  • anyone know how this will affect the mortgage insurers?
    8 Jan 2013, 01:51 PM Reply Like
DJIA (DIA) S&P 500 (SPY)