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Several U.S. banks, including Ally Financial, Bank of America, JPMorgan Chase, Citigroup and Wells Fargo, are providing billions of dollars in mortgage relief to homeowners, reports ft.com.

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The move comes as part of a settlement with regulators earlier this year, and is aimed to help about 309,000 distressed homeowners, notes ft.com. In total, the banks have agreed to provide $20.1 billion in assistance, with Bank of America paying the most at $8.6 billion.

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In some cases, banks are writing down loans they no longer own. This is forcing investors in mortgage-backed securities to absorb large losses. Read more.

Originally published on Advisor.ca

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