Big Banks to Settle with States on Foreclosure Abuses

January 4th, 2011
in Background

ABC News:  The five largest mortgage loan servicers may be the first to settle with 50 state attorneys general who are investigating foreclosure practices, Bloomberg reported, citing Iowa Attorney General Tom Miller.

Follow up:

The big five are Citigroup Inc, Wells Fargo & Co, Ally Financial Inc. (formerly GMAC), Bank of America Corp and JPMorgan Chase & Co.

The attorney-general group expects to reach five separate agreements with the five largest servicers, according to Reuters, quoting Miller, who heads the multi-state probe.  The group has had at least one face-to-face meeting with representatives from all five of the largest banks and will reach individual settlements rather than a global agreement with the servicers, Bloomberg reported.  Read more at ABC News.....


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