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.
The nation’s five biggest banks signed a settlement in February with the Department of Justice and most of the nation’s state attorneys general that allowed the banks to avoid going to court for their role in the foreclosure fraud s... 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