Today there were reports of an agreement between the nation's five biggest banks, a number of state Attorneys General, and several Federal agencies. The specifics weren't available, but the agreement appeared to settle a number of potential civil and criminal charges for an amount that ranges between $19 billion and $25 billion. By contrast, the total estimated mortgage loan amount being repaid to banks for housing value that no longer exists is $700 billion, and that figure hasn't been adjusted for further declines in the real estate market.
A groups of state attorneys general have been attempting to negotiate a settlement with the nation’s biggest banks over the foreclosure fraud scandal that erupted several months ago. Reportedly, the settlement will involve the banks... Read Post
Yesterday I posted on the news of a pending settlement between the federal government, some state Attorneys General and the nation's five largest banks around robosigning and other foreclosure fraud issues. The deal looked really ba... Read Post