5 Large Banks on the Brink of Resolving Faulty Foreclosure Claims

Bloomberg is reporting today that the major banks are in “advanced talks” to resolve state and federal claims over faulty foreclosures.

The banks (NYSE:XLF) that are affected include:

  • Bank of America (NYSE:BAC): The shares are trading at $10.92, up $0.17, or 1.58%, on the day.  The shares have traded in a 52-week range of $10.40 to $15.72.  About the company: Bank of America Corporation accepts deposits and offers banking, investing, asset management, and other financial and risk-management products and services. The Company has a mortgage lending subsidiary, and an investment banking and securities brokerage subsidiary. Competitors to Watch: Citigroup (NYSE:C), Deutsche Bank (NYSE:DB), JPMorgan Chase (NYSE:JPM), HSBC (NYSE:HBC), Metlife (NYSE:MET), PNC (NYSE:PNC), U.S. Bancorp (NYSE:USB), Financials (NYSE:XLF) and Wells Fargo & Company (NYSE:WFC).
  • JP Morgan Chase (NYSE:JPM): The shares are trading at $41.45, up $0.89, or 2.19%, on the day.  The shares have traded in a 52-week range of $35.55 to $48.36.  About the company: JPMorgan Chase & Co. provides global financial services and retail banking. The Company provides services such as investment banking, treasury and securities services, asset management, private banking, card member services, commercial banking, and home finance. JP Morgan Chase serves business enterprises, institutions, and individuals.
  • Citigroup Inc. (NYSE:C): The shares are trading at $42.69, up $0.67, o4 1.6%, on the day.  The shares have traded in a 52-week range of $36.30 to $51.50.  About the company:  Citigroup Inc. is a diversified financial services holding company that provides a broad range of financial services to consumer and corporate customers around the world. The Company’s services include investment banking, retail brokerage, corporate banking, and cash management products and services.
  • Wells Fargo & Co. (NYSE:WFC): The shares are trading at $28.78, up $0.65, or 2.33%, on the day.  The shares have traded in a 52-week range of $23.02 to $34.25.  About the company: Wells Fargo & Company is a diversified financial services company providing banking, insurance, investments, mortgage, leasing, credit cards, and consumer finance. The Company operates through physical stores, the Internet and other distribution channels across North America and elsewhere internationally.
  • Ally Financial Inc.: Ally Financial is privately held bank holding company formerly known as GMAC Inc.  GMAC Inc. was General Motors‘ (NYSE:GM) consumer financing arm prior to its reorganization under US bankruptcy law.

(Note: Selected financial data are sourced from Yahoo! Finance.  All data are assumed to be accurate.)

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