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Ally Financial has been in discussions with regulators on a similar settlement but has yet to reach deals. Banks and consumer advocates had complained that the loan-by-loan reviews required under the 2011 order were time-consuming and costly and didn't reach many homeowners. Banks were paying large amounts to consultants to review the files. Some questioned the independence of those consultants, who often ruled against homeowners. The settlements don't close the book on the housing crisis, which brought more than 4 million foreclosures. They cover only borrowers who were in foreclosure in 2009 and 2010. And resolving millions of claims involving multiple banks and mortgage companies is complicated and time-consuming. The deals announced this month are separate from a $25 billion settlement struck last February with five major banks by the federal government and 49 states. Those banks are Ally, Bank of America, Citigroup, JPMorgan and Wells Fargo.
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