Banks Slow With Investors' Foreclosure Bill: Street Whispers

Updated to include a statements from Wells Fargo and SunTrust Bank.

NEW YORK (TheStreet) -- Ten of the nation's largest housing lenders have settled with the Federal Reserve and the Office of Controller of Currency (OCC) for $8.5 billion on improper foreclosure practices between 2009 and 2010.

While some lenders like Bank of America(BAC) and Citigroup(C) quickly spelled out the price tag of the settlement for investors, other banks involved such as JPMorgan Chase(JPM) and Wells Fargo(WFC) were notably slow to offer up details.

For investors, the disparity in disclosures between banks involved in the settlement raises the question of why all the secrecy?

Bank of America said that the settlement and a $10 billion deal cut with Fannie Mae on faulty mortgage securities Monday will create two separate charges of $2.5 billion and $2.7 billion, which will eliminate most of the bank's expected fourth quarter profit.

In press releases, Citigroup and US Bancorp(USB) said the foreclosure review will shave off $305 million and $80 million in fourth quarter earnings, respectively, as a result of the cash component of the settlement. Citigroup will contribute a further $500 million and US Bancorp $128 million to mortgage assistance and loan modifications as part of the non-cash component of the settlement, they added in Monday morning press releases listed on their websites.

For others involved in the settlement, the costs of Monday's deal -- called the independent foreclosure review -- were less apparent to the ordinary investing public.

Only after the market close was Wells Fargo able to quantify the costs of the settlement to investors.