By Dave Clarke
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WASHINGTON — The Federal Reserve announced on Thursday that as part of the larger $25 billion foreclosure settlement agreed to by U.S. banks and states that it was imposing penalties totaling $766.5 million on five U.S. banks over their mortgage servicing practices.
The banks involved are Bank of America Corp, Citigroup, JPMorgan Chase & Co, Wells Fargo & Co and Ally Financial Inc, the Fed said.
Related: Mortgage relief deal reached as holdout states join in
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