Daily News: February 10, 2012

Missed Super Bowl, Frantic Talks Led to $25 Billion Bank Deal


Bloomberg noted in a story on Friday, February 10, that hashing out the $25 billion settlement reached by Bank of America, JPMorgan Chase and three other U.S. banks with 49 states required missing some football.

According to three people involved in the discussions, Bloomberg said bank executives, state officials and U.S. Housing Secretary Shaun Donovan worked frantically over Super Bowl weekend. The negotiations ran down to the wire the night before the agreement was announced, Bloomberg noted.

The result was what the U.S. called the largest federal-state civil settlement in the nation’s history, ending a probe of abusive foreclosure practices stemming from the collapse of the housing bubble.

To read the full Bloomberg story, click here.

Previously on abfjournal.com:

Five Largest Mortgage Servicers Agree to $25B Settlement, Thursday, February 09, 2012