The Huge Banks Are About To Settle The Foreclosure Lawsuits


Photo: Taber Andrew Bain via Flickr

More good news for the red-hot financials: The country’s biggest lenders are about to settle foreclosure lawsuits from various state AGs (via ZeroHedge).Each of the five biggest lenders (including Bank of America, JPMorgan, and Citigroup) will settle their own lawsuits, rather than joining some global settlement.

There are no details yet on how much these settlements will cost, but our guess is that whatever the number is, the market will love it.

The news comes a day after Bank of America settled its putback exposure with the GSEs, sending shares of the bank up nearly 7%.

Click here for more on what’s driving the financial rally >

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