Thursday, July 21, 2011

Major Foreclosure Settlements in the Works

Posted By on Thu, Jul 21, 2011 at 6:12 AM

A coalition of attorneys general representing every state in the union are reportedly negotiating settlements with five of the nation's biggest banks over irregularities in handling foreclosures. Reuters reports that penalties could top $25 billion. In exchange for the payouts to customers across the nation, the banks could get immunity from civil lawsuits by the states. The banks involved are Ally Financial, Bank of America, CitiGroup, JPMorgan Chase and Wells Fargo.

But while the negotiations continue, Reuters is also reporting that major banks are continuing to file questionable documents in new foreclosure cases. These include false mortgage assignments, and promissory notes with "suspect or missing endorsements, which prove ownership."

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