OneWest Bank

U.S. banks that have agreed to halt a sweeping review of foreclosure files must put $3.6 billion into a fund to be distributed to homeowners in two weeks, according to documents released Thursday by regulators.Under settlement agreements reached with the Office of the Comptroller of the Currency and Federal Reserve in January, 13 banks have agreed to pay $3.6 billion in cash to nearly 4.2 million homeowners who were in foreclosure in 2009 and 2010, plus $5.7 billion in noncash relief, including loan assistance to homeowners, for a total of $9.3 billion.Speaking on Capitol Hill on Tuesday, Federal Reserve Chairman Ben Bernanke told lawmakers that the foreclosure-review "was not working" amid slow and expensive process."We've changed the process to a much quicker, more streamlined process which is going to cut out the consultants and which will have checks going out to borrowers very, very shortly, within weeks," Mr. Bernanke said.The banks involved are Bank of America Corp., (BAC) Wells...

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