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Fed Fines 5 Big Banks $35 Million for Foreclosure, Mortgage-Servicing Issues

WASHINGTON—The Federal Reserve fined five big banks a total of $35.1 million for issues related to financial-crisis-era mortgage servicing and foreclosures, while also moving them out of the penalty box for what it said was a “substantial improvement” in their practices.

The fines relate to deficiencies that regulators saw in the wake of a meltdown in the U.S. housing market around the 2008-09 financial crisis.

Article source: https://www.wsj.com/articles/fed-fines-5-big-banks-35-million-for-foreclosure-mortgage-servicing-issues-1515772840

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