Thursday, February 9, 2012

Foreclosure settlement

  • Feb.
  • (Businessweek)
  • As early as Thursday the government is expected to announce a roughly $25 billion deal with some of the nations largest banks to settle charges of systemic and widespread mortgage fraud, according to multiple sources close to the negotiations.
  • (Huffington Post)
  • Look for a final announcement Thursday or Friday on a national foreclosure settlement that includes almost all the states and involves five major financial institutions.
  • (Detroit Free Press)
  • Feb. 8 (Bloomberg) -- California, New York, Nevada, Florida and Massachusetts are among the states that haven't signed off on a settlement with banks over foreclosure abuses, according to state officials and two people familiar with the talks.
  • (Businessweek)
  • The foreclosure mess and multibillion-dollar settlement, expected as soon as Thursday morning, unfolded over a year of tussles among banks, federal officials and attorneys general.
  • (Wall Street Journal)
  • As of Monday, more than 40 states had signed on to the deal. The addition of California, the state with the most foreclosures, means the settlement is more likely to hit the $25 billion mark that has long been reported as the expected total.
  • (USA Today)
  • A multistate settlement with five large U.S. banks over foreclosure practices would include as much as $17 billion in mortgage debt forgiveness and loan modifications and take three years to complete, according to a letter describing the deal.
  • (Bloomberg)
  • A settlement would enable both the administration and various preserved regulators' and prosecutors' ability to use facts assembled from foreclosure-related probes in their securitisation investigations.
  • (Financial Times)

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