Did you see the story on 60 Minutes last Sunday about the Foreclosure
scandal? Check out this article to see what the lenders are preparing
to do about the fallout of their practices... San Francisco Business Times
Date: Wednesday, April 6, 2011, 6:52am PDT Wells Fargo, Bank of America may skip $20B foreclosure fines Deals by federal agencies may help Wells Fargo & Co., Bank of America
Corp. and other major mortgage servicers avoid a threatened $20
billion in penalties for faulty foreclosures, Bloomberg reports. U.S. agencies are cutting ahead of states in signing deals, which ease
pressure on the banks and cut the leverage held by states. The first of the banks signed deals this week promising to improve
internal foreclosure controls and communications with borrowers, among
other processes. These are the first agreements to stem from last year's investigations
into the banks' "robo-signing," in which mortgage servicers OK'd
foreclosure documents without proper verification. A task force of 50 states' attorneys general had suggested penalties
of $20 billion as part of any deal.
scandal? Check out this article to see what the lenders are preparing
to do about the fallout of their practices... San Francisco Business Times
Date: Wednesday, April 6, 2011, 6:52am PDT Wells Fargo, Bank of America may skip $20B foreclosure fines Deals by federal agencies may help Wells Fargo & Co., Bank of America
Corp. and other major mortgage servicers avoid a threatened $20
billion in penalties for faulty foreclosures, Bloomberg reports. U.S. agencies are cutting ahead of states in signing deals, which ease
pressure on the banks and cut the leverage held by states. The first of the banks signed deals this week promising to improve
internal foreclosure controls and communications with borrowers, among
other processes. These are the first agreements to stem from last year's investigations
into the banks' "robo-signing," in which mortgage servicers OK'd
foreclosure documents without proper verification. A task force of 50 states' attorneys general had suggested penalties
of $20 billion as part of any deal.
No comments:
Post a Comment