SOURCE: The Bedford Report

The Bedford Report

February 28, 2011 11:25 ET

Major Banks Brace for Major Fines

The Bedford Report Provides Analyst Research on Citigroup & JPMorgan

NEW YORK, NY--(Marketwire - February 28, 2011) - A speedy resolution to the so-called "foreclosure-gate" looks less likely after recent events. Efforts to reach a coordinated settlement with mortgage servicers over alleged "robo-signing" foreclosure practices are still in the preliminary stages, with federal regulators and state attorney generals still hashing out the size and scope of any deal with banks. The Bedford Report examines the outlook for companies in the Financial Sector and provides research reports on Citigroup, Inc. (NYSE: C) and JPMorgan Chase & Co. (NYSE: JPM). Access to the full company reports can be found at:

According to a report from The Wall Street Journal, the Obama Administration is pushing banks such as Wells Fargo, JPMorgan, Bank of America and Citigroup that maintain loan-servicing platforms pay as much as $30 billion in fines to settle state and federal claims that they illegally foreclosed on homes and abused borrowers. As part of the settlement, the government wants a commitment from banks to reduce payments for borrowers who owe more on their homes than they are worth.

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JPMorgan Chase is being sued by Allstate insurance company for fraud, with Allstate accusing JPMorgan of knowing that the loans it was selling were very likely to go bad. The suit joins similar accusations from insurance companies and investors, who suffered losses when securities that were sold as high-quality instead turned sour.

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