Big banks near settlement following allegations of foreclosure a - WAOW - Newsline 9, Wausau News, Weather, Sports

Big banks near settlement following allegations of foreclosure abuse

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(ABC NEWS) -- 5 of the biggest banks in America will soon pay up over allegations of foreclosure abuse and "shoddy" foreclosure practices.

Federal and state officials are close to a multi-billion dollar settlement with Wells Fargo, Bank of America, Citigroup, and JP Morgan Chase.

The money from the settlement would go to homeowners facing foreclosure to help them refinance or have their mortgages reduced.

The deal could also lower interest rates for some homeowners.

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