PNC Financial ( PNC) and SunTrust ( PNC), the other publicly traded U.S. lenders named in the settlement did not disclose their costs. "We have not announced any associated charge against earnings at this time," Marcey Zwiebel, a spokesperson for PNC Financial, said in an email. "Our payment will be proportional to our customers' representation among the 3.8 million eligible borrowers, which is approximately 2 percent," the email added. "We are pleased to have reached this agreement, and believe it represents an important step forward in resolving legacy mortgage issues," Michael McCoy, a SunTrust spokesperson, said in an e-mailed statement. As part of the IFR settlement, the Fed and OCC said on Monday announced that the foreclosure review had ended, and that the servicers subject to the foreclosure settlement would make $8.5 billion in cash payments and other assistance to borrowers victimized by servicing errors. Borrowers could receive up to $125,000 each, in a deal that is split between $3.3 billion in direct payments to eligible borrowers and $5.2 billion in other assistance such as modifications. Follow @agara2004-- Written by Antoine Gara in New York
Steve Ricchiuto, MZUHO Securities chief economist, and Bob Michele asset management global CIO with JP Morgan (JPM), joined BloomberTV's 'Bloomberg GO' to discuss the economy and the Fed raising rates.